Arro Money, a fast-growing provider of personal and business accounts, has opened a Series A Financing round to investors.
The business aims to reach its initial target by the end of December, with the money to be invested in further developing the Arro Money product, which uniquely targets new to country individuals and entrepreneurs.
Arro Money offers straightforward money management for both personal and business accounts. The proprietary technology improves the way consumers and businesses access financial products by eliminating excessive credit checks and reducing the lengthy set-up times that are all too common at traditional banking institutions, helping to improve accessibility and financial inclusion.
The business is already operating with an active user base that is growing month-on-month, as the organisation continues to exceed its customer acquisition targets. To date, Arro Money has been totally self-funding and is 100 per cent debt free.
Arro Money is in stark contrast to other businesses in this rapidly expanding sector, many of which have rushed to market and burned through vast levels of early-stage funding. Arro Money, on the other hand, has worked to create a sustainable, considered product with a long-term vision - supported by a mix of proprietary technology and key partnerships with industry stalwarts.
Speaking about the Series A Financing, Muhammad Asim, Director and industry expert at Arro Money, explained: “We believe that each individual should have access to adequate financial services, no matter what their situation may be. That’s why we have been so committed to creating banking products that are straightforward, hassle-free and inclusive - for both personal and business customers - all without sacrificing on service.
“With this round of funding, we’re hoping to be able to invest further in our products so we can bring them to an even wider audience, and ensure we are playing our role to eliminate the issue of financial exclusion once and for all.”
The current Series A Financing is the first round of funding that Arro Money is scheduled to open over the next 12 months. In total, the business is aiming to generate £10 million of investment by the end of 2018.