Customer Case Study with Philip Picariello (VP of Finance & Ops at Stocktwits)

Meow Technologies, Inc.

Meow Technologies, Inc.

Meow Technologies is a financial technology company, not a bank or FDIC-depository insured institution.

Advisory services are offered through Meow Advisory, LLC, an SEC-registered investment advisor. Brokerage services provided by BNY Mellon Pershing, member SIPC, through a clearing and custody relationship with Atomic Invest.

Stocktwits is a platform for over 6 million users to share ideas and insights about stocks and the financial markets.

Founded in 2009, Stocktwits has raised almost $50 million in venture funding including a recent Series B financing. Their investors include Foundry, True Ventures, ffVC and Social Leverage.

Today, we are featuring Philip Picariello who is the Vice President of Finance & Operations at Stocktwits.

Prior to Stocktwits, Philip held various different senior roles leading finance functions for startups as well as a 10+ year stint as a Senior Vice President and Head of Investment Management for a $25 billion short duration fixed income portfolio with eSecLending. He also oversaw the government bond trading team and co-established the portfolio management division.

Philip also holds many licenses and certifications from FINRA, the Financial Industry Regulatory Authority, including the SIE, Series 14, Series 24, Series 28, Series 4, Series 57, Series 63, Series 7 and Series 99.

You have a ton of experience in financial services. Why use Meow versus a legacy provider?

“Asset management fees are incredibly overpriced for just buying U.S. Treasuries at legacy banks.

We have seen fees range from 25 to 100 basis points (or 0.25% - 1%) for an asset manager as well as a markup from the trading desk.

These management fees make no sense for something as simple as a laddered U.S. Treasuries portfolio compared to building a full blown portfolio across multiple asset classes.

It also comes down to service and not just being another client number having to talk to multiple people and red tape to get adjustments made to the product.

I have worked with many vendors or financial services in the past where a question or a small change has to be reviewed by up to 9 different people. I don’t know who to talk to. You don’t know who can answer what. One person needs to talk to 7 other people to get the right answer to your question.

And it just wastes a lot of time. We have other providers and you get some support email that takes hours and days to get efficient responses on.

That is frustrating when you’re dealing with millions of dollars moving around.

What makes me feel valued?

I go right into our Slack channel and ping on a question and it’s answered right away without hesitation. And if you don’t have an answer immediately, you give me a timeline and you go way above and beyond to be transparent.

There is no red tape or bureaucracy.”

But what about the legacy “free” money market funds?

“Money market funds always have an expense ratio meaning you are paying something. Depending on the share class, those fees can range between 25 and 100 basis points. Always look at the Fund Fact Sheet. When looking at Government Money Market funds, inquire about the approved repo collateral as some funds will take Agency Mortgage Backed Bonds which might not align with your firm’s investment strategy. And based on Rule 2a-7, those funds are required to carry certain daily and weekly liquidity buckets to fund all investor outflows. Based on your company’s cash needs, a dedicated portfolio would better allow you to optimize your cash’s return on a risk adjusted basis.

However, more importantly these money market funds are mostly omnibus accounts which means your funds are stuck with everyone else and you don’t have a direct relationship with your own cash.

Having a direct relationship with your capital in a segregated brokerage account is important to me especially with everything that’s happened in the banking world.”

But why don’t you just go to TreasuryDirect (government website) to buy Treasury Bills?

“I could, but it’s not an efficient use of time. Treasury Direct allows for the purchase of the Treasuries in the primary and secondary market but also requires you to set up a relationship with a brokerage firm if you want to liquidate those securities. So now I need two vendors to do what Meow can do for me."

Anything else that you find important?

“I looked under the hood at Meow. You need to when you’re parking your cash.

And I saw a FINRA registered broker-dealer and custodian with BNY Mellon Pershing*. Having set up investment advisors and broker dealers in the past I know the scrutiny that these firms go through on a regular basis.

My wire instructions say BNY Mellon Pershing. At no time does Meow handle the firm’s funds. I can see my unique account number. I can login to the portal and see exactly where my funds sit.

And that’s what matters for my investors and board.

You guys are the tech platform on top which makes it nice and easy. And you’re hyper transparent about the fees showing all yields in the dashboard net of fees which I appreciate.

Look, every startup works hard to raise their money.

They want to invest their cash and extend their runway. And it doesn’t make sense to pay it all in fees which is why I love your model for financial services. Keep it transparent for the customers.”


The case studies discussed herein were selected based on objective non-performance based criteria and are provided for illustrative purposes. There is no guarantee that Meow will find similar opportunities in the future. Additional information about these investment case studies can be obtained by contacting Meow.


Meow Technologies is a financial technology company, not a bank or FDIC-depository insured institution. Likewise, Meow Technologies is not an investment adviser and none of the information presented herein should be relied upon as financial advice or a recommendation to make any financial decision nor should it be considered to be tax or legal advice. The information is the opinion of Meow Technologies for educational purposes and may not be suitable for all companies. Products, like the one described herein, are offered through Meow Technologies and are not advisory services which are only offered through Meow Advisory, LLC.** The FDICs deposit insurance coverage only protects against the failure of an FDIC-insured bank.**

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*Disclaimer: Meow Advisory LLC is a registered investment adviser. Registration as an investment adviser does not imply any level of skill or training.
For accounts opened through Atomic Brokerage LLC: Meow Advisory LLC has an engagement with Atomic Brokerage LLC (“Atomic Brokerage”), a registered broker-dealer and member of FINRA and SIPC , to bring you the opportunity to open a brokerage account. Brokerage services for customers of Meow Advisory LLC are provided by Atomic Brokerage. For more details about Atomic Brokerage, please see the Form CRS, General Disclosures, and the Privacy Policy. Check the background of Atomic Brokerage on FINRA’s BrokerCheck.
For subadvisory services for accounts opened through Atomic Invest LLC: Meow Advisory LLC has an engagement with Atomic Invest, LLC (“Atomic Invest”), an SEC-registered investment adviser, to bring you the opportunity to open an investment advisory account. Investment advisory services are provided by Atomic Invest. Companies which are engaged by Atomic Invest receive compensation of 0% to 0.85% annualized, payable monthly, based upon assets under management for each referred client who establishes an account with Atomic Invest (i.e., exact payment will differ). Atomic Invest also shares a percentage of compensation received from margin interest and free cash interest earned by customers with Meow Advisory LLC. Meow Advisory LLC is not a client of Atomic Invest, but our engagement with Atomic invest gives us an incentive to refer you to Atomic Invest instead of another investment adviser. This conflict of interest affects our ability to provide you with unbiased, objective information about the services of Atomic Invest. This could mean that the services of another investment adviser with whom we are not engaged could be more appropriate for you than Atomic invest. Advisory services through Atomic Invest are designed to assist clients in achieving a favorable outcome in their investment portfolio. They are not intended to provide tax advice or financial planning with respect to every aspect of a client’s financial situation and do not include investments that clients may hold outside of Atomic Invest. For more details about Atomic Invest, please see the Form CRS, Form ADV Part 2A, the Privacy Policy, and other disclosures. Brokerage services for Atomic Invest are provided by Pershing Advisor Solutions LLC (“PAS”), a registered broker-dealer and member of FINRA and SIPC.
Neither Atomic Invest nor Atomic Brokerage, nor any of their affiliates, is a bank. Investments in securities are Not FDIC insured, Not Bank Guaranteed, and May Lose Value. Investing involves risk, including the possible loss of principal. Before investing, consider your investment objectives and the fees and expenses charged by Atomic Brokerage and/or Atomic Invest.
See the Legal Section within the Meow website for additional agreements.

U.K. Gilt pricing quoted net of fees. ~5% U.K. Gilt yield is sourced from Investing.com December 2023 6-month United Kingdom 6-Month Bond Yield. ~5% Treasury Bill yield is sourced from treasurydirect.gov December 2023 12-week U.S. Treasury Bill auction.

**Disclaimer: Meow Technologies is a financial technology company, not a depository, bank or credit union, and your account at Meow is not, itself, an FDIC-insured product.

Meow currently partners with three banking providers. Banking services are provided by Third Coast Bank SSB; Member FDIC, Grasshopper Bank, N.A; Member FDIC, and FirstBank, a Tennessee corporation; Member FDIC.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Grasshopper Bank, N.A, you deposit your funds into a deposit account at Grasshopper Bank, N.A. which sweeps those funds into deposit accounts across a network of Federal Deposit Insurance Corporation (“FDIC”)-insured banks, for up to the current standard maximum deposit insurance amount (“SMDIA”) of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions, including Grasshopper's ICS Deposit Placement Agreement. Grasshopper Bank, N.A. uses a third-party vendor and agent to help administer this sweep process. Visit https://www.intrafi.com/network-banks/ for a list of the banks and savings associations with which we/Grasshopper, N.A. have a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Grasshopper, N.A. or you). The current maximum deposit insurance amount for your funds is up to $125 million in FDIC insurance through the sweep network of Grasshopper Bank, N.A, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and restrictions and refer to the applicable rate sheets for additional information.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Third Coast Bank SSB, you deposit your funds into a deposit account at Third Coast Bank SSB. If you also hold funds in a sweep program with Third Coast Bank SSB, Third Coast Bank SSB sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per receiving bank, for each ownership capacity or category, including any other balances you may hold at that receiving bank directly or indirectly through other intermediaries, including broker-dealers. Third Coast Bank SSB uses a third-party vendor and agent to help administer this sweep process. Visit Third Coast Bank SSB for a list of the banks and savings associations with which we/Third Coast Bank SSB have a business relationship for the placement of deposits at receiving banks, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Third Coast Bank or you). The current maximum deposit insurance amount for your funds is up to $50 Million in FDIC insurance through the sweep network of Third Coast Bank, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and conditions and refer to the applicable rate sheet for additional information.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by FirstBank, a Tennessee corporation, you deposit your funds into a deposit account at FirstBank, which sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions, including FirstBank's ICS Deposit Placement Agreement. FirstBank uses a third-party vendor and agent to help administer this sweep process. Visit IntraFi for a list of the banks and savings associations with which FirstBank has a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by FirstBank or you). The current maximum deposit insurance amount for your funds is up to $125 million in FDIC insurance through the sweep network of FirstBank, subject to change at any time with notice from Meow and/or pursuant to applicable law. Terms and restrictions apply. Subject to applicable rate sheet. Interest rate on checking products quoted in Annual Percentage Yield (APY). Interest rates and yields are effective as per the date on the applicable rate sheet. See applicable terms and restrictions and refer to the applicable rate sheet for additional information.

***FDIC insurance coverage is only available to protect you against the failure of an FDIC-insured bank that holds your deposits (and does not protect you against the failure of Meow or other third party). Your account with Meow and all services provided to you are subject to the Meow Terms of Service (“Account Agreements”) and other applicable terms and no other representations or warranties, express or implied, are provided to you except as expressly set forth in those written Account Agreements. If you have any questions regarding your account, please contact team@meow.com.

FirstBank Funds Availability Notice

FirstBanks general policy is to allow you to withdraw funds deposited in your account on the first business day after the day we receive your deposit. Funds from electronic deposits will be available on the day we receive the deposit. In some cases, we may delay your ability to withdraw funds beyond the first business day. Then, the funds will generally be available by the SECOND business day after the day of deposit.