Arival was founded by a small team of fintech professionals from Russia and the US with a focus on crypto entrepreneurs and gig economy workers, who may find it hard to get business accounts with traditional banks. The company raised USD 2.4 million via a crowdfunding campaign at SeedInvest and is now raising its Series A round. Currently, the startup has offices in Singapore, Puerto Rico, and the US.
In the ‘beta’ stage, clients will only be able to open a business account with Arival, park their funds and transfer it around the world if they need it, with more options coming later in 2020.
In the pipeline for the coming months are individual accounts, card issuance, analytics products for businesses, and remittances in different currencies. Arival is also aiming to introduce lending and deposit and savings products down the road.
The fintech is using tools from the blockchain analysis company Elliptic to scan the crypto addresses that onboarding clients provide and see if there are any suspicious transactions.
While monitoring a client’s crypto dealings, Arival’s compliance department would pay attention to things like where the clients and their own customers come from, transaction volume on the wallets, ‘specific cryptocurrencies utilised, conducting a transaction with a shell company’, and other factors.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.