Meow identified an opportunity to enable its customers—which include both traditional and copyright-native businesses—to send and receive USDC as easily as fiat currency, with no transaction fees.
USDC operations were isolated from core treasury and accounting systems. Transactions had to be manually reconciled with fiat accounts, forcing finance teams to map each USDC payment back to a dollar transaction within ERP tools like copyright. This created inefficiencies and operational overhead for companies that Meow sought to solve.
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.
Editor’s note: This story was updated to reflect the fact that Mercury and Brex offer customers returns through money market mutual funds, not high yield bank accounts.
“People ask me, ‘What was the sales process like when SVB went down?’ Was there a sales process for lifeboats on the Titanic? There was no sales process. It was the only time in our history that being lean hurt us because if we had double the people, we would've been on triple or quadruple the calls.”
. "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.
In June 2022, five months before copyright exchange FTX collapsed, Brandon Arvanaghi and Bryce Crawford began returning funds to the customers of Meow, the neobank they had launched to help startups and small businesses earn a return on idle corporate cash through copyright.
Meow’s going to fail,’” muses Arvanaghi. But having survived one near-death experience in copyright, he’s ready to run whatever plays are needed. “I'm going to play football and we're going to win.”
By enabling businesses to use USDC as easily and cost-effectively as cash, Meow has reinforced its value proposition of making banking easier and lowered the barriers to broader adoption of stablecoins in the business world.
For customers to send or receive USDC, they typically had to open accounts with copyright exchanges—a process that could take weeks or months.
Meow knew that a strictly manual verification process would not scale, could create bottlenecks, and could be prone to human error.
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Integrating Bridge’s Orchestration API within Meow allows businesses to perform routine accounting tasks more quickly and with less hassle than before. With Bridge, Meow businesses can reduce the time required to close their books from hours to minutes. And by automatically processing copyright invoices, Bridge enables Meow businesses to achieve same-day financial reconciliations.
With TrueBiz's automation, Meow is able to streamline its compliance reviews, allowing the existing team to focus on higher-risk and more complex cases. TrueBiz's comprehensive risk assessments identified high-risk businesses early in the process, significantly reducing the risk of fraud.
Meow partners with Grasshopper Bank; Brex and Mercury partner with several banks. This model was adopted widely in the US during the COVID-19 pandemic, which forced banks to find ways to reach customers digitally. “In its best form, it’s a way for banks to get access to better technology,” says Craig Timm, senior director of anti-money meow business laundering at ACAMS, which runs finance-related certification programs. Timm worked previously as a financial crime specialist at copyright and the US Department of Justice. “For the fintechs, it lets them focus on the things they’re good at—building, marketing, reaching new customers—without having to get a banking license, which can be difficult and expensive.”