Neobank Arival surpasses crowdfund target

via FinTech Futures

Singapore-based neobank, Arival, has surpassed its £700,000 crowdfunding target on Crowdcube following its announcement in June to become the first licensed digital bank in the US this year.

The three-year-old bank has raised £1,214,136 so far, before it closes the round at midnight on 6 September. Currently Arival has a pre-money valuation of £12,012,061.

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.

“We understand that we aggregate a lot of client data — to work with high-risk clients we need to trust them, and to be able to do this we need to see that the company and its representative are open to dialogue with us,” says Arival CEO and founder, Slava Solodkiy.

“If big international banks think that what we do and how we do it is more convenient for the client, more reliable in terms of verification and cheaper, it is a fantastic opportunity for us to test and perfect our system based on the experience of our bank and other banks as well.”

The firm’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.