One startup is banking on the fact that businesses are eager to earn as much interest as possible on their cash.
Mayfair is a new fintech startup that offers businesses up to 4.02% APY, a number it claims is among the highest out there. How a startup that is barely two years old able to offer such a high interest rate to businesses goes back to its partners. Mayfair itself is not a bank, but rather a fintech company that offers FDIC-insured products through an Arkansas-based bank called Evolve Bank & Trust. The money is actually moved by Stripe via its technology into an account at Evolve, with Stripe holding the ledger.
“We’ve tied all that together,” said Mayfair co-founder and COO Munish Chopra.
Chopra and Daniel Chan had worked at private equity hedge funds for most...
