Mbanq backs Arival Bank by acquiring shares

via FinTech Futures 

Mbanq, an accredited investor, has backed Arival Bank by acquiring shares, as reported by Medium.

Mbanq provides digital core technology and banking-as-a-service (BaaS) and Arival Bank chose it for its digital core banking back in July 2018.

“We also just inked a deal with SeedInvest to raise our pre-series A round of $3 million. Previously, we raised a $1 million seed round in 2018 after jumping into the digital banking scene. Since then, we’ve accomplished a lot,” says Slava Solodkiy, CEO and founder at Arival bank.

Solodkiy mentions that the fintech is close to obtaining approval for its international banking licence in Puerto Rico after undergoing rigorous regulatory and compliance checks.

It also has its sights set on a Series A round of $10 million later this year.

Mbanq invested an undisclosed amount to officially become a shareholder of Arival and is also committed to following up their over-the-counter (OTC) deal with an additional investment in their latest round on SeedInvest.