FinTech news in cash management category

Beyond providing access to higher interest rates, Mayfair says its software gives businesses a way to choose how much they need for operations and earn yield on the rest via automated cash management. Stripe in turn pays Mayfair and Mayfair pays its customers, keeping what Chopra described as a small cut. The pair teamed up with serial entrepreneurs Kent Mori and Kevin Chan in February 2021 to start a company, exploring different business models before settling on Mayfair current offering. 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.

Robinhood brokerage cash sweep program used to offer an interest rate of 0.5% to customers that were enrolled for its Cash Management feature, according to the company. 1% APY (annual percentage yield) may not sound like a particularly sexy return.