When Silicon Valley Bank collapsed in early March, some panicked entrepreneurs found refuge in Arvanaghi’s fledgling digital bank, Meow, which lets businesses earn interest through short-term U.S. Treasuries. “People were looking for lifeboats,” Arvanaghi says. By the end of the month, the then-12-person company saw $500 million in in-flows, bringing total assets under management to over $1 billion. Arvanaghi and cofounder Bryce Crawford—both of whom had worked as software engineers at cryptocurrency exchange Gemini— have since launched a high-interest business checking account, partnering with banks such as FirstBank to hold customer deposits. Like traditional banks, New York–based Meow makes money on the interest rate spread—paying a lower interest rate to depositors than it makes on loans. Founded in 2021, Meow now has more than 500 corporate customers. “We’re applying the Costco model,” Arvanaghi says, offering low-price products and surviving on volume. In mid-2022, the startup raised $22 million from investors including Tiger Global and QED at a $127 million valuation. Arvanaghi says all the money is in the bank. “We haven’t spent a penny of it.”