Mayfair Emerges From Stealth

Published on 07 Jan 2023

Mayfair, Emerges, Stealth

A new company is counting on the reality that corporations will do whatever it takes to maximize their interest earnings on cash.

A new financial technology company called Mayfair offers annual percentage rates (APYs) of up to 4.02% to enterprises. The partners are ultimately responsible for the exorbitant interest rate offered to companies by a company that is just two years old. Mayfair is not a bank but works with Evolve Bank & Trust in Arkansas to provide FDIC-insured products to its customers. Stripe's technology transfers funds to an Evolve account, and Stripe maintains the ledger.

See also: Tencent invests €5 million in Finnish Fintech Enfuce 

The Story of Mayfair

Mayfair co-founder and chief operating officer Munish Chopra proudly proclaimed, "We've connected all that together."

After spending their whole careers working in private equity hedge funds, Chopra and Daniel Chan were exhausted because they could not put any of their own money to work.

Chopra, a former managing director of Triton Partners, stated, "And we didn't want to take any chances with our money either."

Initially considering several business ideas before deciding on Mayfair's present offering, the two joined up with serial entrepreneurs Kent Mori and Kevin Chan in February 2021 to launch a new firm.

Mayfair’s Unique Strategy

Mayfair claims that its software enables companies to decide how much capital they need for daily operations and how much they want to invest in generating returns via automated cash management and access to better interest rates.

Specifically, "if you have more than half a million in your operational account, we'll shift it into the cash account so that it can generate maximum income," Chopra added, "we'll rebalance your accounts regularly to make sure that." To ensure that you always have the half a million dollars necessary for running costs, we will add to your account if it drops below that level.

Notably, before settling on its present strategy, Mayfair raised $10 million in venture capital over a $2 million pre-seed and $8 million seed round. The seed round and the $4 million lending line closed in April of 2022 before the collapse in the startup industry became widespread. Mayfair's pre-seed funding was spearheaded jointly by Amity and BoxGroup. The business's initial round was headed by Tiger Global, with participation from Amity and BoxGroup, under the direction of John Curtius (who has since left the company).

In an interview, Chopra said that the company's strategy was to "push hard enough and bargain hard enough to acquire much higher [interest] rates and to establish far better relationships.

Mayfair's product went live in late 2022, and the company is now coming out of stealth mode with "dozens" of clients using its platform.

Chopra added some of them just have tens of thousands of dollars in them. The wealth of some of them runs into the tens of millions. It's not only a problem in the United States, though.

Mayfair is now focused on expanding its network of banking relationships and developing new offerings. The firm is certain it can get banks to work with it by promising to bring in more deposits than the banks would receive.


Featured image: Mayfair


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