Manchester-based Arro Money, a fast-growing provider of personal and business accounts, has opened a Series A Financing round to global investors.
Arro Money is the latest member of the North of England’s booming technology sector to seek additional financing to grow via expanded services and marketing efforts. Reports show technology investment in the region reached a total of £208 million in the third quarter of 2017 – more than four times the value of the year before.
Aiming to reach its £1 million target by the end of December 2017, the account provider will use the investment to further develop the Arro Money product, which uniquely targets new to country individuals and entrepreneurs.
Arro Money offers straightforward money management for both personal and business accounts. The proprietary technology improves the way consumers and businesses access financial products by eliminating excessive credit checks and reducing the lengthy set-up times that are all too common at traditional banking institutions, helping to improve accessibility and financial inclusion.
The Oxford Road locals are already operating with an active user base that is growing month-on-month, as the organisation continues to exceed its customer acquisition targets. To date, Arro Money has been totally self-funding and is 100 per cent debt free.
Arro Money is in stark contrast to other businesses in this rapidly expanding sector, many of which have rushed to market and burned through vast levels of early-stage funding. Arro Money, on the other hand, has worked to create a sustainable, considered product with a long-term vision – supported by a mix of proprietary technology and key partnerships with industry stalwarts.
Speaking about the Series A Financing, Muhammad Asim, Director and industry expert at Arro Money, explained: “The technology scene in the North is growing rapidly, with investments increasing by nearly 50 per cent between Q2 and Q3, so it’s an exciting time to launch our Series A Financing. We’re proud to do our bit to make Manchester a major hub of technological innovation.
“With this round of funding, we’re hoping to be able to invest further in our products so we can bring them to an even wider audience, and ensure we are playing our role to eliminate the issue of financial exclusion once and for all.”
The current Series A Financing is the first round of funding that Arro Money is scheduled to open over the next 12 months. In total, the business is aiming to generate £10 million of investment by the end of 2018.