Arro Money, a UK-based authorized current account provider that offers accessible accounts to both individuals and businesses, is now seeking £1 million through its equity crowdfunding campaign on Crowdcube. Founded in 2016, Arro Money stated it is on a mission to create the most straightforward current account that makes managing money easy. The company revealed:
“Using the latest technology and working with tech providers and finance businesses such as Mastercard, Onfido, GPS and Bottomline Technologies, we developed a platform which aspires to reduce the number of people finding themselves ‘unbanked’ and promote financial inclusion. Our proprietary technology means that a current account can be opened in a fraction of the time than it would take at a high street bank. Through partnerships we can accept over 500 different documents for ID purposes and passports from 195 countries. We can also verify at street level for people with no address history.”
Arro Money reported it is planning to target international students that need an account quickly at the start of the academic year and need money paying in from overseas. The company will also aim to help people who are working in the UK and want to send money home.
Funds from the Crowdcube round will be used to continue the expansion of Arro Money’s development, as well as its marketing team, introduce multilingual websites, and a UK-based customer support team. Since its launch, the campaign has secured more than £530,000 from over 200 investors. It is set to close at the beginning of March.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!