Arro Money, a product of Marq Millions, has widened its account offering with a business solution created specifically for sole traders.
Mahmood Ali Kamran, operations director at Marq Millions, said: “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 can gain an account in a matter of minutes. 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 empowering them to get on with what means the most.”
The sole trader accounts will be charged at £10 per month and offer all the benefits associated with a traditional bank account.
Mahmood added: “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.”