Arro Money provides Personal and Business Current Accounts which facilitate managing their own money and is authorised by the Financial Conduct Authority.
“The decision to engage GPS was an obvious one in light of their track record of delivering pioneering technological solutions to fintechs and market disrupters. They understand the need to deliver innovative solutions in a way that traditional banks do not currently deliver. We are looking forward to GPS supporting Arro as we expand our offering into International markets.”
Director Marq Millions Ltd
Arro Money in partnership with Global Processing Services launched in 2017 with the aim of providing access to financial inclusion for all by enabling people to access an account that could be set up quickly and easily online, accepting a wider range of international IDs.
Arro Money are not a ‘mobile only’ financial service and recognize that there are people out there, that prefer to use desktop enabling their users to access their finances online on their device of choice.
Arro Money has gained great momentum among those looking for an alternative to high street banks accounts. An Arro Money account holders can easily open an account and use it to carry out a wide range of financial functionalities.
Personal accounts holders are accessible to anyone over the age of 18 years old. They are provided with a full sort code and account number to receive online banking transfers, access to a custom-built online dashboard to make Faster Payments and Direct Debits and virtual MasterCard® debit card information is sent via SMS within minutes of approval that enables them to have access to instant gratification while waiting for the physical card to arrive.
The entire Arro Personal Account application process can be completed within three minutes, without the need to show prior existing bank statements or proof of address, just simple, current details that the account applicant should have easily at hand. Information provided is verified online online in seconds – without accessing any credit file – but by verifying the identity using existing online databases. The personal account can then be opened immediately.
The business account has been designed to make sure that anyone who needs a business account can open one, with just the minimum requirements – such as verifiable contact details, an account holder aged 18 or over, and a current UK trading address for the account.
The Arro Business Account is a no credit check business account and can be opened in a matter of minutes, no matter the size of the company, whether a sole trader, limited company or LLP status, and with no minimum turnover or audited accounts required.
It allows businesses to manage money in the same sorts of ways that a bank account would, with a sort code and account number, access to Faster Payments, the ability to set up Direct Debits and pay employees and receive a Business MasterCard® debit card which allows them to buy items online and in-store, or make ATM withdrawals in the UK or overseas, from your account’s positive balance.
When they open their Arro Business Account, they will be sent the full debit card details immediately by SMS and can start using the number for card-not-present purchases, such as shopping online for stock or paying supplier invoices, even before the physical card arrives in the post.
Business account holder can benefit from using Arro Money to manage cashflow and expenses, make salary payments and keep track of it all with your dedicated Arro dashboard.
An Arro Money account is ideal for those new to the UK, for those who might feel excluded from financial services due to previous credit issues, and those who have lost faith in the high street banks and their legacy technology.