Personal and business account platform Arro Money is reportedly looking to raise a Series A funding round.
The company is expecting to close the investment round by the end of December, according to various articles in the media. This equity financing will represent the first capital injection in a planned series of investments, which will last 12 months. By the end on 2018, the company hopes to have generated £10m, the reports said.
UK-based Arro Money is a personal and business account solution that provides users with a Mastercard registered debit card. An account can be made in three minutes, with an account number and sort code given instantly. No credit checks are necessary, and a user can make contactless payments, set up standing orders or manage cashflow.
The company is looking to use the capital to further the investment into its products and bring the solution open to a wider audience, the articles state.
Earlier this week, web services group DMM.com acquired e-commerce marketplace platform CASH, in a deal worth $62.2m. Also this week, B2B payments company TransferMate landed a €30m investment from Allied Irish Bank.
The UK payments sector looks to have recovered from last year’s decline in funding. The third quarter of 2017 picked up $134.4m invested, which is up $84m from the previous quarter. At the end of 2016, funding into the sector had declined from $76.2m in Q1 2016, down to $10.1m.
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