Crypto business cash company Meow raised $22 million in a Series A funding round led by Tiger Global, with participation from QED Investors, FTX and others, as the startup prepares to grow its workforce and expand functionality of its products.
Based in New York, New York and co-founded earlier this year by CEO Brandon Arvanagi and CTO Bryce Crawfordboth former Gemini engineers, Meow offers institutional and corporate investors a priority approach to participating in emerging cryptocurrency investment opportunities.
“Nobody believed us when we said companies would want to participate in crypto markets,” Arvanaghi said in a post. Press release Monday (July 18). “Access to crypto yield is just the beginning. We come for everything. We are committed to making Meow the one-stop-shop for corporate finance.
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The company has received seed funding from backers such as Coinbase Ventures, Gemini Frontier Fund, and Lux Capital, with the aim of being adopted by corporate treasury departments. Meow grew the company’s assets under management to nearly $100 million in less than six months, according to the release.
“Meow’s prioritization of risk and compliance management fills a gap in the enterprise cash management market,” said Alex Cook, Partner at Tiger Global.
Cook added that Meow has a “vision to build a full suite of treasury and payment products” as well as the right team and experience to deliver.
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The new capital will be used to hire more talent for its engineering team as well as in sales and marketing. New product enhancements available include a GAAP accounting solution and B2B stablecoin suite functionality, including cross-border payment solutions, depending on the release.
“With the rise of globalization and the increasing use of the Web3 infrastructure, businesses are increasingly faced with the need to transact in a currency other than their native currency. This change puts pressure on finance teams to ensure they have the right type of currency in the right account at the right time to do business,” said Frank Rotman, Founding Partner and Chief Investment Officer at QED Investors. “Meow builds tools to solve this problem, especially for businesses that need help managing their crypto-assets and payments.”