Neobank Arival raises GBP 1,2 mln to serve corporate sector

Monday 2 September 2019 14:38 CET | News

Singapore-based neobank Arival has surpassed its GBP 700,000 crowdfunding target on Crowdcube reaching a pre-money valuation of GBP 12 million.

The three-year-old bank has raised GBP 1,2 million so far, before it closes the round at midnight on 6 September 2019. Targeted users for the neobank are those rejected by other banks, including E-Residency businesses, expats and refugees, cryptocurrency and blockchain-related businesses, politically exposed persons, and digital influencers.

Founded in 2017 by two fintech venture capitalists and a fintech entrepreneur, the team has prior investments in digital banks such as Simple, Moven, Fidor, and RocketBank. The neobank’s self-made compliance technology, A.ID, will use facial scanning and compliance with the US Federal Reserve Bank, and the bank even has plans to white label the tech to banks in future.

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Keywords: neobank, Arival, corporate banking, neobank, digital banking, Singapore, funding, crowdfunding, Crowdcube, Asia, APAC
Countries: World