Fintech startup Mayfair officially launches
Fintech startup Mayfair officially launched its account to help businesses fortify their cash reserves and stay afloat during periods of economic downturn. The fintech company offers an industry-leading 4.02% yield on its cash account.
The startup leverages assets under its management to negotiate higher rates for its business cash account, created in partnership with a reputable banking-as-a-service API that allows businesses to integrate financial services into their platforms. Through this API, Mayfair is able to work with FDIC-insured institutions to hold customer funds in cash accounts. These partnerships enable Mayfair clients to tap into a 4.02% APY without switching banks.
The company has so far raised $14 million as it scales operations. The Mayfair cash account has also been gaining wide acceptance among startups. Recently, entrepreneurs voted to name it the number two fintech product of the month on Product Hunt.
"Preserving the value of cash is becoming increasingly crucial with the souring economic climate worldwide," a company spokesperson said. "It also provides them with greater financial security, enabling them to manage their cash flows and investment opportunities better."
The annual percentage yield (APY) regular banks offer to business accounts ranges between 0.01% and 0.30%. With a 4.02% annual return, Mayfair's cash account could offer a solution for businesses seeking financial security.