Arival, a Singapore-based fintech aiming to be the first fintech bank for abnormal customers, as per recent reports, has announced its plans to raise $3 million through crowdfunding. The Singapore-based Arival that applied for a US-based IFE (International Financial Entity) banking license last year, says it is on track and hopes to receive it soon, this year.
Neither a neobank nor a challenger bank, Arival claims that it’s instead, a fintech that solely concentrates catering to “abnormal” customers including crypto businesses, freelancers, and e-residency firms.
Arival, founded in 2017 by experienced fintech investors Vladislav Solodkiy and Igor Pesin, along with entrepreneur Jeremy Berger, has announced its US expansion plans last year. According to Solodkiy, Arival, which is now in the final stages of receiving its US IFE banking license, has piqued the interests of many, registering over 750 business account requests.
In a LinkedIn post, Solodkiy wrote, “The fintech bank is the next big thing in fintech and digital banking. Our focus on ‘abnormal’ clients gives us the opportunity to not compete with other traditional or digital banks, avoid spending money on advertising or customer acquisition and allows us to focus on margins and profitability of the bank.”
“Our cutting-edge compliance serves as our secret sauce and enables us to onboard ‘abnormal’ clients and will be one of the main revenue streams for us,” added Solodkiy.
Arival, following the B2B2C model, plans to start as a digital bank for businesses. In its quest to cater to the abnormal customers, Arival plans on serving the underbanked businesses such as e-residency firms, charities, online start-ups with foreign founders and legal sellers of marijuana. Following these, the next on the fintech’s list of potential customers are the individuals such as expats, refugees, bloggers, and digital influencers.