Arro Money – a product of Marq Millions – has widened its account offering with a business solution created specifically for sole traders.
The fast-growing provider of personal and business accounts used its experience supporting SMEs and start-ups, combined with its unique insight into the challenges faced by sole traders, to create an account catered to the needs of freelancers.
For too long sole traders have been excluded from the financial services ecosystem, due to being denied a business account at high street banks. This segregation may result due to no fault of the business owner and instead be based on inconsistent income or business size. This has led to many having to inadequately manage their finance through a personal account, which can cause a variety of issues when it comes to tax, compliance, overall money management and reporting.
Now applicants won’t have to face long and inconvenient queues associated with high street banks, instead with Arro Money, applicants can gain an account in a matter of minutes - significantly quicker than high street banks. Those wanting to open an account will merely provide a proof of ID and a letter to verify their address, Arro Money’s 25 separate algorithms do the rest to verify the applicant. As the organisation does not offer credit, users do not have to go through lengthy credit checks which often result in users being denied access to a traditional bank account. Instead, sole traders will benefit from access to an instant account number and sort code.
Arro Money’s multi-device platform means that business users are not limited to ‘mobile only’ banking. Instead, this multi-platform approach will allow them to monitor each and every penny on any device - saving sole traders hours of administration and empower them to get on with what means the most.
Talking about this unique service offering for sole traders, Mahmood Ali Kamran, Operations Director at Marq Millions, said: “Seeing how sole traders have been underserviced for many years we wanted to create a financial services offering that worked specifically for them.
“We believe everyone should have access to appropriate financial services that meet their needs. By providing solutions that enable sole traders to grow their business we’re actively supporting not only these businesses but also the economy as a whole.”
Arro Money’s sole trader accounts will be charged at £10 per month and offer all the benefits associated with a traditional bank account. The accounts will be a particular draw to business owners conducting international commerce with foreign account charges set at as little as 3p, a drastic change to traditional, high street account charges.
The Arro Money product has gone from strength to strength in the last six months, with the business launching a greater choice of service levels on the personal accounts. Furthermore, Arro Money’s parent company, Marq Millions Ltd, has seen dramatic development with a number of employees joining the team in order to handle the growing demand. This business expansion has led the company to move to a larger, new headquarters.