Arro is a new online business bank account, which can be managed online and on the app 24/7. You can’t open an account just yet, there’s a phase 2 waiting list for interested sole traders and small businesses. Arro is a trading name of Marq Millions Ltd, based in Manchester, and authorised by the Financial Conduct Authority.
Arro Business Banking Services
Arro is for startups, sole traders, entrepreneurs, and small businesses. An Arro account includes a contactless MasterCard debit card, and you can manage your cash flow and expenses 24/7 on the app and desktop site. Your account also includes conventional banking features like standing orders, online transfers, and the ability to pay staff salaries. Direct Debits are reportedly coming soon.
There’s currently a waiting list, but when your application goes through you can apparently start using your account immediately. There’s also no credit check to go through.
Accounts are charged at £5 a month for limited companies and £10 a month for sole traders. This doesn’t include everything, there are some extra charges for faster payments, ATM withdrawals etc.
Business finance and loans
Arro Reviews and Ratings
There are over 100 reviews on Trustpilot, with a very even split between excellent and bad reviews. The most recent Trustpilot reviews are very critical, with several customers claiming their accounts were blocked and money became inaccessible. It sounds like customer service is very lacking when problems arise. Some customers are very happy though, and think Arro has a few teething problems but is efficient and easy to use on the whole.
There are only two reviews on Reviews.co.uk and they’re both 1/5. They’ve had similar problems to the critical Trustpilot reviewers.
There are no live reviews on Smart Money People. Arro isn’t included in the Which? list of ‘Best & Worst Banks’.
In February 2019, Arro announced it was seeking £1 million in equity crowdfunding through Crowdcube. The startup plans to use the investment to pay for platform development, establish a UK-based customer service team, and introduce multilingual websites. Their fundraising round ended in March 2019.
Arro was nominated in the leading payments start-up category at the Emerging Payment Awards 2019.
- Cheap monthly fee for limited companies (watch out for the extras though).
- Smart, intuitive app that’s easy to manage 24/7.
- It looks like a few customers are having the same problems with account access.
- It’s not clear if there’s a UK-based customer service team or not.
- More expensive for sole traders, which is pretty unusual.
Website: Arro Business Banking