- The fintech startup Arcus has partnered with a number of the hottest banking, fintech, and retail functions throughout the US and Latin America to make reoccuring funds simpler for customers.
- “The difference is between having a remote control and going to change the channel manually,” Arcus CEO Edrizio De La Cruz instructed Enterprise Insider in a current interview. “We’re the remote control for your financial life.”
- Thus far, Arcus has raised greater than $19 million from buyers like Winklevoss Capital and Andreessen Horowitz.
- Under is the pitch deck that is helped this buzzy fintech startup increase thousands and thousands.
- Learn extra BI Prime tales right here.
Whereas Arcus CEO Edrizio De La Cruz was finding out on the College of Pennsylvania’s Wharton Enterprise College, he was additionally attempting to provide you with startup concept that he may pursue upon commencement. By means of his brainstorming classes, De La Cruz saved returning to the identical, central theme that he had confronted all through his life — attempting to make ends meet financially.
Transferring from the Dominican Republic to New York Metropolis’s Harlem neighborhood at age 12, De La Cruz would ultimately drop out of metropolis school to turn into a automotive mechanic so he may assist help his mother and father. De La Cruz made it again to school at age 21 and upon commencement, landed an funding banking job at JP Morgan. However with hefty tuition charges at Wharton, De La Cruz was once more confronted with large payments.
“The one constant theme in my life was making ends meet by virtue of paying the bills on time,” De La Cruz instructed Enterprise Insider in a current interview. “It was only appropriate that I would build a company around helping people make ends meet easier.”
His first startup concept out of enterprise college was known as Regalii, which helped immigrants help these again dwelling with an easy-to-use and safe methodology for invoice paying throughout the border.
In 2016, that enterprise pivoted to turn into what Arcus is right this moment — the digital funds infrastructure behind a number of the hottest banking, fintech, and retail functions throughout the US and Latin America. Particularly, Arcus makes reoccurring funds simpler.
“We see recurring payments as the wedge into financial health for the average American and Latin American consumers,” stated De La Cruz, whose fintech startup of simply over 60 staff has duel headquarters in New York Metropolis and Mexico Metropolis.
Learn extra: The pitch decks that helped scorching startups increase thousands and thousands
Earlier this 12 months, in Mexico, Santander Financial institution built-in Arcus’ fee know-how into its cellular app. Now customers can toggle auto-pay choices “on” or “off” for reoccurring payments, like electrical energy payments or cellular phone payments, all from one, central place inside the Santander banking app. The earlier course of for establishing auto-pay, De La Cruz stated, was extremely arduous.
“The difference is between having a remote control and going to change the channel manually,” the chief exec stated. “We’re the remote control for your financial life.”
At present, Barclays, Walmart, Marqeta, Santander, Scotiabank, and extra are utilizing Arcus to make recurring funds simpler for his or her prospects. De La Cruz stated his firm makes cash off licensing its APIs these companions, in addition to utilization charges — the extra information pushed by way of its “pipes” the extra companions are charged.
Thus far, Arcus has raised greater than $19 million from buyers like Winklevoss Capital and Andreessen Horowitz. Its newest increase — a $5 million addition to its Collection A — got here this January.
De La Cruz says that Arcus has signed a number of the greatest banks within the US and Mexico, and so over the following 12 months, the corporate can be targeted on profitable launches with these companions. The chief exec additionally stated Arcus plans to boost “a big round” of capital to “more aggressively” assist help these bigger companions.
As for fundraising recommendation, De La Cruz says telling a compelling story about what you are promoting might be an important factor an entrepreneur can do to sway would-be VCs.
“People undermine how important storytelling is — being able to very specifically describe what you’re building, who you’re building it for, and why it’s valuable,” De La Cruz stated. “I think a lot of times entrepreneurs are so busy in the weeds of operating their business that they forget that storytelling is part of the process.”
This is the pitch deck that is helped this buzzy fintech startup increase thousands and thousands:
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