Arc Launches Platinum, The Only Board-Approved Account Built On A Top Tier U.S. Bank

Arc, the future of startup finance, today announced Arc Platinum, the first premium banking experience for startups. Arc Platinum offers market-leading startup banking and capital products to help startups protect, manage, and grow their cash. Arc Platinum membership features include (i) yield-bearing operating accounts with deposits held with diverse financial partners  (G-SIBs), (ii) waived management fees on treasury management, positioning Arc Platinum as the highest-yielding brokerage solution in market, and (iii) dedicated Relationship Managers providing 24/7 support and equipped with data-driven financial insights. Arc Platinum is a membership program that is currently only available by invitation, which startups can request via the Arc website.

Arc Platinum was built with high-growth venture-backed startups in mind. To that end, membership also includes exclusive discounts on venture debt, revenue financing, and securities-backed lending through the Arc platform, as well as early access to Arc Intelligence (coming soon), a suite of AI-driven financial software tools designed to drive automation across the banking experience, and complimentary account migration services. Finally, Arc Platinum membership features monthly health & wellness reimbursements and more.

Starting at just $249 per month, Arc Platinum provides on average $50,000 in incremental earnings each year for the average Series A startup compared to their traditional banking stack. Startups also receive complimentary access to Arc Platinum for three months when they sign up before September 30, 2023, and receive 50% off the monthly membership thereafter when they use their Arc account to fund their company’s payroll through Rippling, Gusto, and other providers.

“Arc Platinum is the first ‘board-approved’ digital cash management solution for startups,” said Don Muir, CEO and Co-Founder of Arc. “In the aftermath of the regional bank crisis, venture-backed tech startups have moved their deposits from their tech-focused banks to the world’s largest financial institutions. CFOs have been forced to choose between the perceived safety that comes with a systemically important financial institution and the dedicated support, higher-yield, and frictionless product experience that comes with their smaller peers. Arc Platinum changes this paradigm. For the first time, startups can seamlessly diversify their hard-earned capital access diverse financial partners, while simultaneously earning the highest yield available in the market. Best of all, Arc Platinum members are assigned a dedicated Relationship Manager with 24/7 support, data-driven financial insights, and a unique Health & Wellness rewards program designed to help reduce the stress of building.”

“The miracle of Arc Platinum is that it finally treats startups as first-class customers — combining protection, service, and speed in a single platform,” said James Currier, Founder and General Partner of NFX.

“Arc Platinum gives our finance team and board of directors the peace of mind that our capital is being safeguarded,” said Vivas Kumar, CEO and Co-Founder of Mitra Chem. “At a time when traditional banks were slower to support the early stage startup ecosystem, Arc stepped up as a cash management partner that prioritized safety & reliability while relying on a software-driven platform that made working with their system incredibly smooth from our first touchpoint.”

The launch of Arc Platinum follows the introduction of Arc Venture Debt, which delivers competitive terms to startups ~5x faster than offline lenders on average through automated onboarding and API-driven underwriting processes. With Arc, startups can instantly convert future revenue into upfront capital to invest in growth without dilution, and when their next equity round is closed, they can tap into venture debt to unlock additional capital. They can deposit this cash into their operating account yielding 1.35% APY with funds held at a top U.S. bank, diversify it through bank sweeps equipped with $5M FDIC insurance eligibility, and invest it in money market funds and U.S. Treasury Bills that generate up to 5.5% APY—all in one platform.