FinTech News
Arro Officially Launches in App Stores, Partners with Dovly
A FinTech with a unique credit-building card option is officially launching its service on major app stores.
About Arro’s launch:
This week, Arro announced that it was now officially available in the Apple App Store as well as the Google Play Store. In turn, the credit-building Arro Card will now be available to the general public.
Arro aims to make the world of credit more inclusive and accessible by using alternate underwriting methods to approve users. According to their site, Arro Card customers will see introductory credit limits of between $50 and $200. These limits can then be increased as users complete in-app activities. Specifically, Arro notes that their proprietary financial education platform allows customers to grow their limits as they raise their financial literacy.
To apply for the Arro Card, no credit history is required nor is a security deposit. Additionally, no hard credit inquiry is made. Once approved, users will receive access to a digital Arro Card instantly so that they can begin using the card. Arro will then report payments to all three major bureaus: Equifax, Experian, and TransUnion.
While the service will normally come at a cost of $3 per month, Arro currently has an offer that brings that down to $1 per month.
About the partnership with Dovly:
In addition to the launch announcement, Arro also revealed a strategic partnership with Dovly. As a result, Dovly members may see recommendations for the Arro Card if it potentially fits their credit-building needs. These recommendations come as part of the platform’s AI-powered credit improvement platform which also features credit monitoring, alerts, tips, and more.
What they’re saying:
Announcing Arro’s official launch in app stores, the company’s CEO Ryan Duitch said, “We’re hearing overwhelmingly positive feedback from our early customers and seeing the highest engagement in our gamified learning. Early indicators show that our customers perform better with Arro than with secured credit cards.”
Meanwhile, commenting on the partnership with Arro, Dovly’s Director of Engineering Karamvir Singh stated, “This partnership brings together two market-leading startups that share a vision of making credit more accessible and sustainable through technology and innovation.”
My thoughts:
Although Arro is far from the only FinTech that’s looking to disrupt the credit industry and help consumers increase their credit scores, the Arro Card does still seem to have some unique elements. In particular, the concept of increasing your credit limit by completing financial literacy lessons makes a ton of sense. And while I’m also not too familiar with Dovly, it sounds as though Arro Card scoring a potential recommendation from the platform could be a win-win. Personally, despite not being in the market for a product like Arro Card, I’ll certainly be keeping an eye on the service going forward.
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