Singapore-based digital bank Arival raises $2.3m in equity crowdfunding

Arival Bank, a Singapore-based fintech bank for small- and medium-sized enterprises and crypto businesses, has raised US$2.3 million in a pre-series A equity crowdfunding campaign spearheaded by New York-based Seedinvest and UK-based Crowdcube.

According to a report, the total funding went beyond the firm’s target of US$864,500. This follows a US$1 million seed round, which Arival raised in April 2018. The company now claims to have a pre-money valuation of more than US$14.8 million.

The bank looks to use the fresh capital to support its licensing and product development initiatives, as well as its efforts to go live. As of now, it claims it’s received more than 1,000 requests from individuals and entities that are interested in opening accounts.

Arival is planning a series A fundraise in early 2020 to “capitalize the bank in the US” and to expand globally, according to the report. Last year, the company told Tech in Asia that it expects to secure US$10 million to US$15 million for its series A round.

Founded in 2017, the bank partners with fintech firms in the market to deliver a suite of financial products, targeting crypto- and blockchain-related businesses, tech startups, and freelancers. Through those partnerships, the company provides businesses with corporate expense cards, international transfers, factoring, lending, and savings services, among others.

At the 2018 FinovateAsia event in Hong Kong, it demoed its ArivalOS, an open API-powered digital banking platform that offers third-party fintech solutions such as bank accounts, money transfers, debit cards, mobile point of sale and factoring, and SME loans.