FinTech Mayfair Launches 4% Savings Return for Biz
As businesses cut costs and raise cash, automated financial management systems are taking a closer look.
In an effort to help businesses make more money from idle cash with minimal effort, FinTech startup Mayfair has launched an automated treasury management solution to help businesses earn more from 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 returns than the average business savings account — safely, automatically and with instant liquidity, Mayfair said on Thursday ( 19 January) press release.
“As founders themselves, the team recognized that companies wanted to avoid the typical trade-off between yield, security and convenience,” Mayfair chief operating officer Munish Chopra said in the release. “We designed the product to meet our customers’ needs with the benefit of our own background and experience.”
PYMNTS research has found that 57% of companies are interested in how they can use new technologies to improve their financial management.
It’s 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 collaboration between PYMNTS and FISPAN.
Many large companies derive 30% or more of their revenue from the finance department, Treasure Financial CEO Sam Strasser told PYMNTS in an interview published in March 2022.
With B2B cash management solutions, small and medium-sized businesses (SMBs) can do that too, and in an automated way, by turning their cash into a source of meaningful income, Strasser said at the time.
“It’s really a way to improve and broaden that skill set that everybody [chief financial officer (CFO)] maintains,” Strasser said.
Mayfair created its cash management product with Stripe and partner bank Evolve Bank & Trust to access superior returns, comprehensive FDIC insurance and necessary financial infrastructure, according to the press release.
The startup provides both a desktop dashboard and a mobile dashboard that shows the user’s cash account balance, pending and historical transfers, and earned returns, the release said.
“In this environment, companies must do everything they can to expand runway, and they should all benefit from higher interest rates and Mayfair’s best-in-class automated treasury management,” Patrick Yang, founder of Amity Ventures, said in the release. .
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