In addition to invoicing, Bridge has enabled Meow to integrate USDC within standard accounting workflows. Businesses can automate the reconciliation of USDC transactions within their existing accounting software, such as copyright. This includes invoices, which are automatically categorized and marked as paid.
Meow Technologies is a financial technology company offering business banking solutions through its partner banks with free wires and ACHs.
They knew they couldn’t succeed over the long term with just one product–busy business owners demand convenience. So this past January, five months after opening their T-bill platform, Meow introduced FDIC-insured business checking accounts promising a 4.8% annual yield. Like most fintechs, Meow lacks a banking charter and so it partners with banks, which in turn network with other banks.
“They’re putting a skin on top of someone else’s bank,” says McIntyre, who previously worked at Brex. “They have to abide by the bank’s underwriting requirements, regulations, and determination about what customers to accept.”
This automation enables Meow to efficiently handle the lowest-risk cases while significantly enhancing the efficiency of their compliance team’s review.
"TrueBiz has been instrumental in enabling us to offer a self-serve sign-up process without compromising on compliance," said
In June 2022, five months before copyright exchange FTX collapsed, Brandon Arvanaghi and Bryce Crawford began returning funds to the customers of Meow, the neobank they had launched to help startups and small businesses earn a return on idle corporate cash through copyright.
They were equally opportunistic when it came to choosing a name for their startup; the whimsical Meow was picked for its ability to grab attention on social media. Indeed, as SVB teetered, one VC with a healthy following posted on LinkedIn: “We are living in such a stupid timeline.
Mercury also has a venture debt platform where startups can apply to receive funding from venture capitalists and saw large inflows during the fall of SVB. Arvanaghi is uncowed. “This pie is enormous and we're just getting started,” he says.
Ensuring the authenticity and credibility of new businesses in a more self-service manner was a complex challenge that needed a sophisticated, automated solution to augment the existing meow business team and streamline compliance reviews.
What about when interest rates stabilize and fall? After all, high rates are the reason small businesses have been looking for new places to put their idle cash–a key selling point for Meow.
In the past, says Timm, expansion into new lines of business—say, copyright—has been a source of friction between fintechs, for whom explosive growth is the priority , and their partner banks, who bear ultimate accountability for upholding the conditions of their licenses, including strict AML controls.
Integrating Bridge’s Orchestration API within Meow allows businesses to perform routine accounting tasks more quickly and with less hassle than before. With Bridge, Meow businesses can reduce the time required to close their books from hours to minutes. And by automatically processing copyright invoices, Bridge enables Meow businesses to achieve same-day financial reconciliations.
The friends decided they wanted to break into the fast-growing fintech segment serving businesses and figured they needed a standout “wedge” product to do so, says Arvanaghi. At that point, interest rates were near zero. But coming from a copyright background, they had seen investors earn fat yields from lending in the copyright segment.
TrueBiz's risk assessments give us added confidence in reviewing and onboarding new businesses in a timely manner."