Meow, a cryptocurrency company, announced on Monday that it closed on $22 million in a Series A financing round. According to the press release, Tiger Global led the round, along with QED Investors and FTX, a major cryptocurrency exchange, and others.
The round will support the company’s rapid growth through new hires and enhanced product features. Meow was launched in early 2022 with seed funding from cryptocurrency industry leaders and investors, including Coinbase Ventures, Gemini Frontier Fund and Lux Capital. Due to the rapid adoption of the cash-in-cash-out, short-term, high-yield investing opportunities by a range of companies, Meow grew corporate assets under management to nearly $100 million in less than six months.
Besides hiring across its marketing, sales and engineering teams, Meow is developing several new product enhancements. During the next few months, it will launch a GAAP accounting solution and begin rolling out cross-border payment solutions for its B2B stablecoin suite.
Comments from the Management
“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,” Brandon Arvanaghi, the Co-Founder and CEO of Meow, commented.
Alex Cook, a Partner at Tiger Global, added: “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.”
In the same line, Frank Rotman, the Founding Partner and Chief Investment Officer at QED Investors, pointed out: “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.”
This article was written by Felipe Erazo at www.financemagnates.com.