Backed by Tiger Global, Mayfair emerges from stealth to offer businesses a higher yield on their cash

News Summary

  • One startup is banking on the fact that businesses are eager to earn as much interest as possible on their cash.Mayfair is a new fintech startup that offers businesses up to 4.02% APY, a number it claims is among the highest out there.
  • The raises took place before the downturn that has hit the startup world began in full force, with the seed round closing in April of 2022 in conjunction with the closing of a $4 million debt line.
  • The company believes that it can attract banks as partners by pledging to deliver a higher amount of deposits than they would get on their own.“They don’t have to pay to have a marketing force or for distribution,” Chopra said.
  • They have a massive vision to be an end to end finance platform for fast growing companies that includes management and automation around treasury, finance, accounting, and operations,” Yang told TechCrunch.
  • Chopra said the company doesn’t view fellow fintech Mercury as a competitor (that company too is partnered with Evolve), and views its services as “complementary.”Presently, Mayfair has 12 employees.
  • How a startup that is barely two years old able to offer such a high interest rate to businesses goes back to its partners.
One startup is banking on the fact that businesses are eager to earn as much interest as possible on their cash.Mayfair is a new fintech startup that offers businesses up to 4.02% APY, a number it [+5243 chars]