Fintech

FinTech Mayfair Debuts 4% Savings Yield for Biz

As businesses cut costs and horde cash, automated treasury management systems are getting a closer look.

In a bid to help businesses earn more money on their idle cash with minimal effort, FinTech startup Mayfair has launched an automated treasury management solution to help businesses earn more on idle cash.

The FinTech startup, which has raised a total of $14 million from Tiger Global and Amity Ventures, aims to offer companies a way to earn more yield than an average business savings account — safely, automatically and with immediate liquidity, Mayfair said in a Thursday (Jan. 19) press release.

“As founders ourselves, the team recognized that companies wished to avoid the typical trade-off among yield, safety and convenience,” Mayfair Chief Operating Officer Munish Chopra said in the release. “We designed the product to address customer needs with the benefit of our own backgrounds and experience.”

PYMNTS research has found that 57% of companies are interested in how they could use emerging technologies to enhance their treasury management.

That is part of businesses’ growing appetite for seamless, digital-first banking solutions that can better streamline their B2B processes, according to the “Next-Gen Commercial Banking Tracker®,” a PYMNTS and FISPAN collaboration.

Many large corporations get 30% or more of their revenue from their treasury department, Treasure Financial CEO Sam Strasser told PYMNTS in an interview posted in March 2022.

With B2B cash management solutions, small- to medium-sized businesses (SMBs) can do so as well, and in an automated way, by making their cash a source of meaningful revenue, Strasser said at the time.

“It really is a way to enhance and increase the breadth of that skill set that every [chief financial officer (CFO)] maintains,” Strasser said.

Mayfair created its cash management product with Stripe and its partner bank, Evolve Bank & Trust, in order to access superior yields, pass-through FDIC insurance and the necessary financial infrastructure, according to the press release.

The startup provides both a desktop dashboard and a mobile dashboard that display the user’s cash account balances, pending and historical transfers, and earned yield, the release said.

“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,” Amity Ventures Founding General Partner Patrick Yang said in the release.

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.

PYMNTS Data: Why Consumers Are Trying Digital Wallets

A PYMNTS study, “New Payments Options: Why Consumers Are Trying Digital Wallets” finds that 52% of US consumers tried out a new payment method in 2022, with many choosing to give digital wallets a try for the first time.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *