Case Study: Marqo

Marqo uses Primary to manage cash across multiple currencies. Powered by accounts in their company name.

About Marqo

Marqo was founded on the core belief that vector search will unlock significant value across unstructured enterprise data. The team have invented a platform that generates superior vector embeddings and empowers customers to rapidly build advanced AI-powered search experiences and applications.

Across their Seed & Series A funding rounds, they’ve been supported by leading venture capital firms including Blackbird, Lightspeed Venture Partners and January Capital.

Maximising safety of investor funds

Following a successful Series A fundraising round, Marqo received funds in both AUD & USD from investors. While waiting to process their application for a US domiciled bank account, they wanted to ensure maximum safety of their funds.

They needed to find a solution with three main functions:

• Enabled them to hold funds directly in their company’s name instead of ‘on-trust’.
• Exposed them to only tier 1 counterparties with extremely low credit risk.
• Helped them earn a competitive yield rate on idle cash.

Accessing market leading yield across multiple currencies

To satisfy all of their cash requirements, Marqo used Primary to design their cash management strategy.

Through Primary, Marqo opened their accounts directly in their name. Instead of onboarding individually with each provider, each process was automated through Primary.

With a range of counterparties to choose from, Marqo nominated to hold funds across State Street Global Advisors, Morgan Stanley and BlackRock.

With safety & improved yield at the core of their strategy, they built highly liquid money market funds and US treasury bills into their approach.

With the ability to draw down cash quickly through the Primary dashboard, Marqo had confidence shifting larger parcels of cash into the platform.

“We wanted plenty of buffer & safety in our investments with Primary but wanted to make sure our cash was being optimised as much as possible. The high liquidity options like money market funds meant we could have quick access without needing to sacrifice yield. Primary makes this incredibly easy to set up and manage.” – Marqo VP Finance, Ilonna Babakhanova