Understanding Beneficial Ownership

Meow Technologies is a financial technology company, not a bank or FDIC-insured depository institution. Banking services are provided by Grasshopper Bank, N.A.

To open an account through Meow's partner banks, you will need to verify the identities and submit the ownership percentages for the ultimate beneficial owners of the company you are submitting an application for

What is an Ultimate Beneficial Owner?

For domestic companies legally formed in the United States. An ultimate beneficial owner is an individual who owns 25% or more of the company applying for an account

For international companies legally formed outside the United States. An ultimate beneficial owner is an individual who owns 10% or more of the company applying for an account

Who is the beneficial owner of a wholly owned subsidiary?

If you are applying on behalf of a wholly owned subsidiary. The ultimate beneficial owners of the subsidiary are the same as the subsidiaries parent company. These individuals will need to verify their identities.

What if my company doesn't have any beneficial owners?

For companies with no beneficial owners, the primary control person on the account (e.g CEO, CFO, President) will need to verify their identity to complete the application process.