Singapore-based Arival Bank has pulled in £1.87m in a pre-Series A equity crowdfunding campaign on Crowdcube.
That means that the 860 investors that have injected money into the digital bank’s latest round has smashed the original £700,000 target by 167%. The bank is offering 13.51% in the round.
Arival Bank, which does not want to be labelled as a neobank or a challenger bank, but as a FinTech bank, aspires to exist as a licensed bank with leading compliance tech solutions at its core.
It claims to stand out from traditional banks and neobanks by being fully cashless, open to blockchain and crypto-based businesses, able to onboard international customers and through its exclusive focus on underbanked SMEs.
Arival Bank claims to have more than 1,000 requests from potential clients looking to set up accounts. That is up from 650 requests it reported in August.
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