Banking platform for businesses and entrepreneurs Arival has raised more than £1.1m in a crowdfunding campaign.
The fundraise is being held on the Crowdcube platform and has received contributions from 316 individual investors. So far, the company has issued a total of 8.9 per cent of its equity to its new investors.
While the campaign has another seven days, the company has already surpassed the initial target for the crowdfund, which was set at £700,000. Arival is raising the funds at a pre-money valuation of £12m.
Singapore-based Arival is a digital bank account for SMEs, freelancers, and startups an helps them access banking services. Its tools include mobile-POS, cards, deposits, crowdfunding, factoring, investments, and SME loans.
The full-digital bank also offers cryptocurrency-related banking services, giving them access to crypto companies, exchanges, wallets and brokers.
There are currently 650 requests on its waiting list to open accounts, and the company is in the application process for a US-based international banking licence.
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