FinTech: Arival Launches Banking Product for “Abnormal” Customers (BETA)
Arival is a crypto-friendly fintech bank for SMBs.
Are you one of the following and struggling to get a bank account? Freelancer, tech startup, crypto or blockchain-related business, e-Residency business, a charity organization, blogger, influencer, expat? Well, worry no more. Digital bank Arival will help you (because the bank reads abnormal as above-normal). (FINOVATE)
Arival Beta Account
Digital bank Arival announced its beta launch on Thursday of an online bank account. It caters to the above kinds of abnormal customers that sometimes do not get served by the legacy banking system.
“Too many clients today are rejected by traditional even digital banks because they are viewed as ‘abnormal’, ‘too risky,’ or ‘unusual,” Arival Bank COO Jeremy Berger wrote in a blog. “[These] and many others are rejected by traditional and even digital banks. It’s only a matter of time (before) the demand from abnormal customers will outgrow that of traditional customers.”
In the current beta stage, customers with business accounts can park their funds and transfer them internationally. Subsequently, Arival will introduce individual accounts, cards, multi-currency remittances, and business analytics. Lending, deposit, and savings schemes will follow.
About 3,000 prospective customers on a waiting list will get to open accounts first. These clients are located in the U.S., U.K, E.U., Hong Kong, Singapore, and over 60 other countries.
Vladislav Solodkiy (CEO) and Igor Pesin (CFO) founded Arival in 2017. It was an internal venture of VC firm Life.Sreda and that later became independent.
It is headquartered in Singapore and has applied for a digital wholesale banking license in the city-state.
Its ArivalOS provides a digital banking platform that integrates a comprehensive suite of third-party fintech solutions and services suited for SMBs and entrepreneurs.
In September 2019 Arival raised over $2.3 million in an equity crowdfunding campaign.
“We’re not a neobank or challenger bank,” the company emphasized in its crowdfunding pitch. “We think of ourselves as the first fintech bank. We’ll exist as a licensed bank, (with) forward-thinking compliance (as) our secret sauce, and we plan to bundle some of the world’s hottest fintech products inside one banking platform.”
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