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.
Not all of the products will make money for Meow right away—for example, it doesn’t currently get anything from the mortgage marketplace. Right now, it’s bringing in about $1 million in revenue a month through tiny fees and spreads.
Importantly, Bridge was able to move at the speed Meow expected from its stablecoin partner. The solution was live less than a month after development began, making Meow the first business banking company in the United States to offer these capabilities.
“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.”
Arvanaghi and Crawford’s timely decision to exit copyright and enter T-bills spared them from getting burned in the copyright meltdown of 2022. But it placed Meow squarely in the middle of the highly competitive niche of banking services for startups and small businesses.
. "Their intelligent controls and automated solutions have allowed us to continue scaling thoughtfully, knowing that we have robust fraud detection in place in addition to our existing processes.
Once approved, businesses often had to dedicate engineering or trading resources to operate and secure these accounts, creating significant friction and delaying access to liquidity.
Meow enables customers to earn interest through high-yield checking accounts, purchase T-bills with lower annualized fees than traditional financial institutions offer, and benefit from continuous innovation on both its technology and its financial products.
S. Treasuries to venture debt, Meow makes it easy for startups to securely manage cash operations while earning yield.
For customers to send or receive USDC, they typically had to open accounts with copyright exchanges—a process that could take weeks or months.
“What we're doing differently is we're treating financial services as a low-margin product,” Arvanaghi says. “We can actually become a profitable company by doing that, but that might not be the case for a company that has a thousand people or another fintech that hired 500 people.”
Meow’s early clients have been other startups such as venture deal platform Sydecar and investing focused social media site Stocktwits. But it plans to go after other types of small-to-medium sized businesses, including professional service firms like dental and law offices.
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BlockFi is a financial services company that offers wealth management products for copyright investors, operating within the fintech and blockchain technology sectors.