Arival Bank Secures Banking Licence in Puerto Rico

Fazzaco learned that Arival, a Puerto Rico and Singapore-based digital bank, has secured a banking license in Puerto Rico and plans to provide services to international software firms and underbanked businesses.

The bank claims to have already onboarded more than 100 business customers from more than 25 different countries. It claims $13 million in assets under management.

"We're focused on providing bank accounts to customers who have been labeled as 'abnormal' or 'too risky' by traditional banks," said Arival Bank COO Jeremy Berger.

"We've proudly turned this market of misfits into our niche, and we strongly believe the market demand of the 'abnormal' will soon outgrow the demand of the traditional banking clientele."

Arival sought crowdfunding support in 2019, raising more than $1.8 million to fund its push for licences in multiple geographies. The bank also has applications in with the Monetary Authority of Singapore (MAS) and the central bank of Lithuania.