Tiger Global, FTX, Coinbase back crypto yield platform Meow
“Access to crypto yield is just the beginning. We’re coming for it all. We’re committed to making Meow the one-stop shop for corporate finance.”
Meow has closed a $22 million in Series A financing aimed at fuel the expansion of its compliant crypto yield offering for corporate treasuries.
The round was led by Tiger Global, with participation from QED Investors, leading cryptocurrency exchange FTX, and others, and will be used to support the company’s rapid growth with new hires and enhanced product features.
Meow plans to use the funds to hire across its marketing and sales and engineering teams, as well as focus on the development of several new product enhancements. In the coming months, it will launch a GAAP accounting solution and begin rolling out features of a B2B stablecoin suite, including cross-border payment solutions.
Meow’s grew AUM to nearly $100 million in six months
The startup launched in early 2022 following seed financing from cryptocurrency industry leaders and investors, including Coinbase Ventures, Gemini Frontier Fund and Lux Capital.
Catering to institutional and corporate investors, Meow offers a compliant-first approach to participating in emerging cryptocurrency investment opportunities and has quickly been embraced by corporate treasury departments.
In less than six months, Meow grew corporate assets under management to nearly $100 million due to rapid adoption of the cash-in-cash-out, short-term high-yield investing opportunities by a range of companies.
Brandon Arvanaghi, Co-Founder and CEO of Meow, said: “Nobody believed us when we said corporations would want to participate in crypto markets. Access to crypto yield is just the beginning. We’re coming for it all. We’re committed to making Meow the one-stop shop for corporate finance.”
Alex Cook, Partner at Tiger Global, commented: “Meow’s prioritization of risk management and compliance is filling a gap in the market for corporate crypto treasury management. We are excited by the vision to build a comprehensive suite of treasury and payment products, and the team has the right set of experiences to deliver on the roadmap.”
Frank Rotman, Founding Partner and Chief Investment Officer at QED Investors, added: “With the rise in globalization and the increasing use of web3 infrastructure, businesses are increasingly facing the need to transact in more than their native currency. This shift puts pressure on finance teams to ensure they have the right type of currency in the right account at the right time to conduct business. Meow is building tools to address this problem, especially for those companies that need help managing their crypto assets and payments.”