Arro
About Arro
Arro provides a credit card and financial education app that evaluates creditworthiness based on bank account activity rather than traditional credit scores, allowing users to start with a credit limit of $50 to $200 without a hard credit check. The platform incorporates behavioral science and gamified learning to help users improve their financial literacy and increase their credit limits by completing educational tasks, ultimately promoting responsible credit usage and financial growth.
<problem> Many individuals with limited or no credit history face difficulty accessing traditional credit cards, hindering their ability to build credit and participate fully in the financial system. Traditional credit scoring models often exclude these individuals, perpetuating a cycle of limited access and financial exclusion. </problem> <solution> Arro provides a credit card and financial education platform that assesses creditworthiness based on an individual's bank account activity, rather than relying solely on traditional credit scores. Users can access an initial credit limit, and increase it over time by completing educational modules and demonstrating responsible financial behavior within the app. The platform offers personalized financial literacy lessons, rewards for building positive financial habits, and tools to track credit score progress, all within a user-friendly mobile application. By reporting to all three major credit bureaus, Arro enables users to establish and improve their credit profiles, fostering financial inclusion and empowering them to achieve their financial goals. </solution> <features> - Credit card access based on bank account activity, bypassing traditional credit score requirements - Initial credit limits ranging from $50 to $200, with opportunities for increases through in-app activities - Gamified financial literacy lessons covering topics such as managing credit, budgeting, and investing - AI-powered financial coaching chatbot providing instant support and advice - Real-time credit score tracking and reporting to TransUnion, Experian, and Equifax - Virtual credit card access for immediate use upon approval - Rewards and incentives for completing financial education lessons and demonstrating responsible credit usage - Mobile app with a user-friendly interface for managing accounts, tracking progress, and accessing educational resources </features> <target_audience> Arro targets individuals with limited or no credit history, including students and young adults, who are seeking to build credit and improve their financial literacy. </target_audience> <revenue_model> Arro generates revenue through an annual membership fee of $36, and interest charges on credit card balances, with a starting APR of 16%. </revenue_model>
What does Arro do?
Arro provides a credit card and financial education app that evaluates creditworthiness based on bank account activity rather than traditional credit scores, allowing users to start with a credit limit of $50 to $200 without a hard credit check. The platform incorporates behavioral science and gamified learning to help users improve their financial literacy and increase their credit limits by completing educational tasks, ultimately promoting responsible credit usage and financial growth.
Where is Arro located?
Arro is based in Philadelphia, United States.
When was Arro founded?
Arro was founded in 2024.
How much funding has Arro raised?
Arro has raised 10000000.
- Location
- Philadelphia, United States
- Founded
- 2024
- Funding
- 10000000
- Employees
- 28 employees