Mayfair Cash Account Launches with 4.02% APY and Automated Treasury Management

Company raises total of $14m from Tiger Global and Amity Ventures

SAN FRANCISCO, Jan. 19, 2023 /PRNewswire/ -- Mayfair, a new fintech startup backed by Tiger Global and Amity Ventures, is helping companies put every last idle dollar to work. Its clients avoid the price and liquidity risks of financial products typically marketed to businesses, and can take advantage of automated cash management to earn 4.02% APY.

Mayfair was founded by serial entrepreneurs, Kent Mori, Daniel Chan, Kevin Chan and Munish Chopra in 2021. Their vision: a fintech platform that offered companies a way to safely earn more yield than an average business savings account, automatically and with immediate liquidity.

Mayfair created the product with Stripe and its partner bank, Evolve Bank & Trust. The partnerships gave Mayfair access to superior yields on deposits, pass-through FDIC insurance for clients, and the financial infrastructure needed to create interbank automations.

"As many companies struggle to cope with inflationary pressure, we are delighted to be able to offer startups and established businesses industry-leading yields for any cash they have in their bank accounts," says Munish Chopra, COO of Mayfair. "As founders ourselves, the team recognized that companies wish to avoid the typical trade-off among yield, safety, and convenience. We designed the product to address customer needs with the benefit of our own backgrounds and experience."

"The Mayfair product is a no-brainer and I'd recommend it to all of my portfolio companies," noted Patrick Yang, Founding General Partner of Amity Ventures. "In this environment, companies have to do everything they can to extend runway, and they should all be taking advantage of higher interest rates and Mayfair's best-in-class automated treasury management."

"Mayfair made it super easy to get 4% back on cash in our bank account," said Prince Ghosh, CEO of freight logistics startup Factored Quality. "This is compared to the likes of Bank of America who offer 0.01-0.04%. When markets started crashing and we wanted to extend our runway, it was the easiest way to reduce our burn rate and offset the cost of a full-time employee."

The benefits Factored Quality are realizing aligns with how Daniel Chan, Mayfair's CEO, envisions firms using the product: "For early startups that have raised a Seed or Series A, 4% a year on cash offsets the salaries of several full-time employees. For later stage companies, it pays for an entire department. That's a compelling case for companies of all sizes."

"It's simple math. We'd much rather be generating return on our cash than letting it sit in a savings account for negligible return," said Michael Otis, CEO of procurement service provider Procoto. "While the rates are important to us, as a startup, the liquidity and safety we get with Mayfair are even more critical. We actually came over from a competitor and couldn't be more glad we made the switch. Mayfair is the easiest way for us to earn some extra yield while still having the security of an FDIC-insured bank."

To find out more about Mayfair, please visit www.getmayfair.com.

The Mayfair product is an easy-to-use and safe platform for businesses to earn a high yield on their cash, without sacrificing the operational convenience of quick liquidity. Additionally, the automated treasury management function significantly reduces the time owners and treasury teams need to spend on cash management.

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SOURCE Mayfair