Arro Money is an authorised current account provider that offers accessible accounts to both individuals & businesses. Between 2014 & 2017 the company acquired an FCA E-Money Issuer licence to operate in the UK & 31 European Countries. Since launch in June 2017 they have opened over 42,000 Accounts.
Access to basic financial services is still a far bigger problem than widely perceived in the UK and beyond. 37 million European citizens cannot access basic financial services. 1.5 million people in the UK don't even have a current account and half of these would like to have a current account but believe they can't get one. Our aim is to make access to financial services fairer and more equal.
Using the latest technology and working with tech providers and finance businesses such as Mastercard, Onfido, GPS and Bottomline Technologies, we developed a platform which aspires to reduce the number of people finding themselves 'unbanked' and promote financial inclusion.
Our proprietary technology means that a current account can be opened in a fraction of the time than it would take at a high street bank. Through partnerships we can accept over 500 different documents for ID purposes and passports from 195 countries. We can also verify at street level for people with no address history.
We plan to target international students that need an account quickly at the start of the academic year and need money paying in from overseas. We will also aim to help people who are working in the UK and want to send money home.
We will expand our development and marketing team, introduce multilingual websites, and a UK-based customer support team.