New interest-bearing account platform gives small and mid-sized businesses a smarter way to manage cash reserves without sacrificing liquidity
Magnolia Bank, a community-driven financial institution with over a century of service, proudly announces the launch of LiaFi, a fintech platform designed to support small and medium-sized businesses (SMBs) earn interest on their business account and provide a unique tool to improve cash flow stability —all without disrupting how they bank today.
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LiaFi was created with a simple yet powerful purpose: to give business owners a better way to manage and earn income on their cash. Too often, SMBs have cash in non-interest-bearing checking accounts. LiaFi provides an interest earning business account enabling business owners to earn interest income until needed, similar to large corporations. LiaFi makes it easy to transfer money—short or long term—into an interest-bearing account insured by the FDIC through Magnolia Bank, and no need to switch banks.
Business owners are the heartbeat of our economy. LiaFi is our way of saying: you deserve more. You deserve a solution that respects your need for liquidity and your right to grow your money. – Deena London, CEO of Magnolia Bank.
“Business owners are the heartbeat of our economy,” said Deena London, CEO of Magnolia Bank. “They work tirelessly to support their communities and keep people employed. The financial system hasn’t always worked in their favor. LiaFi is our way of saying: you deserve more. You deserve a solution that respects your need for liquidity and your right to grow your money.”
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LiaFi seamlessly integrates with a business’s existing bank accounts, allowing owners to move funds in and out when needed—while those funds earn higher-yielding interest. It is simple, transparent, and built for the way small businesses should be treated, just like big businesses.
LiaFi’s technology is digitally native. The technology underpinning LiaFi is built with best-in-class tools, focusing on the safety and soundness of small business owners. During its development, considerable time was spent talking to business owners regarding fraud prevention and security.
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“This isn’t just a product—it’s a mission,” said Bruce Hrovat, President and CEO of LiaFi. “Our team has spent significant time talking to small business owners. They wear multiple hats. Most do not have CFO’s or fractional CFO’s for advice. They work incredibly hard to manage expenses. Thus, why not provide them interest income on money they already have. Plus, they have access to a simple cash flow score so they can, with a click of a button, track the stability of their cash. We started LiaFi to give entrepreneurs more interest and more insight with their cash.”
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Source: businesswire
