October 11, 2022

Arro Announces $10M Seed Funding to Democratize Credit

Arro is transforming the credit industry by offering consumers access to low-interest credit, regardless of background, with the ability to grow their credit responsibly as they learn, save, budget, and set goals.

LOS ANGELESOct. 11, 2022 /PRNewswire/ — Los Angeles-based fintech company Arro (www.arrofinance.com) announced today the closing of $10M in Seed funding led by Crosslink Capital with participation from Bling Capital, BAM Ventures, Global Founders Capital and WTI, among others. These investors have previously backed companies such as Chime, Facebook, Honey, and NerdWallet.

Arro is a credit platform that empowers U.S. consumers to grow their credit through financial literacy training and behavioral science incentives. Arro aims to approve nearly any U.S. consumer for its low interest credit card, regardless of credit history, based on income and other alternative data.

By using a proprietary underwriting model instead of relying on credit scores, Arro is disrupting the traditional FICO system and providing fair access to consumers who otherwise wouldn’t qualify. Arro’s customer-first approach and partnership with Equifax has resulted in a special designation to not require a hard credit inquiry, meaning that applying for an Arro Card has no impact on someone’s credit score. Read rest here