Arival, a digital bank that seeks to be crypto-friendly, is set to close its equity crowdfunding campaign on Crowdcube with nearly £1.2 million in funding. The banking group reported that the progress bar includes £1,065,060 raised through a co-offering (i.e. on SeedInvest). The Crowdcube round has attracted more than 300 investors. Arival is offering 8.88% in equity at a £12,012,061 pre-money valuation.
As previously reported, Arival was founded on the notion that banks in many places around the world are closing accounts of crypto-related businesses as they are fearful of any collateral ramifications to holding these types of accounts. The Singapore banking startup revealed:
“We partner with some of the hottest fintechs on the market to deliver a full suite of financial products and tools hand-picked to help run your business. Anything from corporate expense cards, international transfers, factoring, lending, savings, and much more.”
Arival also revealed it has applied for an International Financial Services Act (IFE Act) banking license last year and hopes to receive it this summer. The banking group has applied in Lithuania (EU) plus sandbox app in Malaysia, with the UK, Singapore, Hong Kong, Australia, Japan, and Dubai in the pipeline.
“The underbanked SME industry is a combined trillion-dollar industry. Freelancers, startups and SMEs present a real demand for banks, which has yet to be met. This is a relatively untapped market (especially in the US). It is likely innovation in the SME space will continue to grow, which means more of these businesses and entrepreneurs will be seeking forward-thinking fintech partners to meet their banking needs.”
Funds from the Crowdcube and SeedInvest campaigns will be used to continue the growth and development of the Arival platform. The funding round is set to close this evening.
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