Company:Arival Bank
 | |
| Type | Financial technology |
|---|---|
| Founded | 1 January 2018 |
Key people | Vladislav Solodkiy (CEO), Igor Pesin (CFO), Jeremy Berger (COO) |
| Website | https://arival.com/ |
Arival Bank is a global fintech company founded in Singapore to provide banking and financial services to international tech businesses. It operates through four offices located in Singapore, the United States (Puerto Rico and Florida) and Lithuania under the banking license in the US (International Financial Entity).
Overview
Arival started on 1 January 2018 as a fintech company, aimed to provide banking services for international businesses in emerging industries (e.g. fintech startups, international eCommerce platforms, crypto players, GIG workers, expats, etc.). To achieve this goal Arival has applied for a bank license in Puerto Rico, US. The founders of the banking platform are Vladislav Solodkiy (CEO), Igor Pesin (CFO), Jeremy Berger (COO). Prior to starting Arival, in October 2017, Vladislav Solodkiy published the book “The First Fintech Bank’s Arrival” and created the concept of the company and fintech banking. Arival works as the licensed and regulated financial institution, with its own API-based banking platform. The name comes from the major idea of the first fintech bank’s arrival.[1][2] At the end of 2018, Arival won the “Best of Show” award in the competition Finovate for its banking platform, which was presented in Hong Kong for the first time.[3]
In 2019, the first office was opened in Puerto Rico and launched a dual crowdfunding campaign on platforms SeedInvest (US) and Crowdcube (United Kingdom ).[4]
The banking subsidiary Arival Bank International Corporation received approval from regulatory body OCIF for legal incorporation in Puerto Rico in 2020.[5] In the same year, Arival was awarded with the "Best SMB Digital Banking Vision and Strategy" in Challengers Awards.[6]
In 2019-2020, the company won a few other awards at Fintech Inn (Lithuania), and Driven by design at London Design Awards. Arival also beta-launched financial products in partnership with a bank-partner for startups, SMEs, crypto-businesses, and freelancers.[7] Arival delivered USD banking services & international payments for global businesses. As of 2021, Arival works under its own bank licence.[8] In October 2021, Arival announced a partnership with Railsbank to provide financial services in Singapore.[9][10]
As of early 2022, Arival has customers in 25 countries. Arival's customers include digital asset exchanges, venture-backed blockchain startups, and international fintech companies.
Funding
Arival raised $10.8 million in five funding rounds. On April 4, 2018, the company received $1 million in the first seed round. In 2019, the company raised £1.8 million from SeedInvest and Crowdcube through equity crowdfunding. Arival received investments of $2.5 million in 2020 and $5 million in 2021 as convertible notes from one of their core investors Polyvalent Capital.[11]
External links
References
- ↑ Books; Podcasts; Asia-Pacific; Focus, Global; America, North. "From Book to Bank: How a Fintech Firm Found Its Calling" (in en). https://knowledge.wharton.upenn.edu/article/first-fintech-banks-arrival/.
- ↑ Penn, David (2020-06-04). "Arival Announces Beta Launch of its Banking Account for Abnormal Customers" (in en-US). https://finovate.com/arival-announces-beta-launch-of-its-banking-account-for-abnormal-customers/.
- ↑ "FinovateAsia 2018 – Arival Bank" (in en-US). https://finovate.com/videos/finovateasia-2018-arival-bank/.
- ↑ Penn, David (2019-09-11). "Arival Bank Nets $2.3 Million in Equity Crowdfunding Campaign" (in en-US). https://finovate.com/arival-bank-nets-2-3-million-in-equity-crowdfunding-campaign/.
- ↑ October 2021, 25th (2021-10-25). "Arival Bank lands banking licence in Puerto Rico" (in en-GB). https://www.fintechfutures.com/2021/10/arival-bank-lands-banking-licence-in-puerto-rico/.
- ↑ "Announcing Tearsheet’s 2020 Challenger Awards winners – Tearsheet". https://tearsheet.co/announcement/announcing-tearsheets-2020-challenger-awards-winners/.
- ↑ Penn, David (2020-06-04). "Arival Announces Beta Launch of its Banking Account for Abnormal Customers" (in en-US). https://finovate.com/arival-announces-beta-launch-of-its-banking-account-for-abnormal-customers/.
- ↑ "J'rrive! Arival Bank Launches As a Fully Licensed and Regulated Bank" (in en-US). 2021-10-14. https://finovate.com/jrrive-arival-bank-launches-as-a-fully-licensed-and-regulated-bank/.
- ↑ "Singapore-based Arival partners with Railsbank" (in en). https://thepaypers.com/online-mobile-banking/singapore-based-arival-partners-with-railsbank--1252053.
- ↑ "Tech in Asia - Connecting Asia's startup ecosystem" (in en-US). https://www.techinasia.com/singapore-fintech-arival-partners-railsbank.
- ↑ "POLYVALENT CAPITAL". https://www.polyvalent.capital/.
 |
