Aimed at entrepreneurs, start-ups and contractors, these accounts will ensure businesses can start processing transactions immediately, as well as on-boarding payroll – a unique feature in the financial services sector.
A strong alliance with card provider giants, MasterCard, means Arro’s business accounts will offer higher spend limits and card balance than their competitors. This partnership ensures the Arro card can be accepted by millions of merchants globally.
The new business account has been specially created by Arro in the belief that all individuals and businesses – no matter their size – have a basic human right to a bank account. Due to stringent rules from traditional banks many entrepreneurs have been forced into using a personal bank account to operate a business –causing copious amounts of issues when it comes to managing taxes and managing the finances of a business efficiently.
Arro’s 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. Moreover, the solution offers the same high security standards as traditional solutions. The only real-time account portal available on the market to be certified by an independent security quality assessor, the account ensures customers’ data is always protected.
Speaking about the new business account offering, Muhammad Asim, Director at Arro Money, explained: “We have spent the last four years building this solution. We took time to conduct first-hand research to establish what businesses truly needed from their bank accounts. We combined this with best practice across the industry to provide a flexible and unique solution which puts customers first.
“While other, now high-profile providers, rushed to market, Arro put the customer first to ensure that when our product was launched to market it had the best offering to meet the needs of the individuals using it.”
The launch of the new business account caps a successful year for Arro. Its personal account continues to go from strength to strength, with an active user base that is growing month-on-month, as the organisation continues to exceed its customer acquisition targets. The company also recently opened Series A Financing to raise further funds for investment in enhancing customer experience of the product, as well as building additional capacity in-house. 2018 will see Arro focus on acquiring 50,000 business accounts while maintaining an excellent personal account offering.