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Silicon Valley Bank

3 months ago

This Banking Startup Surpassed A Billion Dollars On Its Platform

When Silicon Valley Bank collapsed in early March, some panicked entrepreneurs found refuge in Arvanaghi’s fledgling digital bank, Meow, which lets businesses earn interest through short-term U.S. Treasuries. “People were looking for lifeboats,” Arvanaghi says. By the end of the month, the then-12-person company saw $500 million in in-flows, bringing total assets under management to over $1 billion. Arvanaghi and cofounder Bryce Crawford—both of whom had worked as software engineers at cryptocurrency exchange Gemini— have since launched a high-interest business checking account, partnering with banks such as FirstBank to hold customer deposits. Like traditional banks, New York–based Meow makes money on the interest rate spread—paying a lower interest rate to depositors than it makes on loans. Founded in 2021, Meow now has more than 500 corporate customers. “We’re applying the Costco model,” Arvanaghi says, offering low-price products and surviving on volume. In mid-2022, the startup raised $22 million from investors including Tiger Global and QED at a $127 million valuation. Arvanaghi says all the money is in the bank. “We haven’t spent a penny of it.”
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