Australian FinTech Archa has raised $4m in a funding round and $20m in a debt funding facility to accelerate its growth and product offering.
The funding round saw backing from a list of experienced investors and founders, including CEO and founder of Wisr, Anthony Nantes, Alex Vynokur of Apex Capital and Betashares, Adam Jacobs, co-founder of The Iconic and Hatch, and former Macquarie Capital executives John Prendiville and Link Chairman. The round also included both founders of Netspace, Stuart Marburg and Richard Preen, and a list of high-profile family offices.
On the debt side, Roadnight Capital agreed to a $20m institutional debt funding facility.
Archa is building a corporate card and spend management platform tailored to the needs of small businesses: easy to access, technology-first, and connected to the ecosystem of tools companies already use to run their business.
Archa said its solution has opened the door to business owners who can’t, or don’t want to, access a corporate credit card through their bank, and for high-growth businesses unable to offer corporate cards to their teams.
In a post on the company’s website, Oliver Kidd, founder and CEO, said Archa’s product delivery is also gaining some real momentum. “Already this year, we’ve launched a Xero bank feed integration, which is the first of its kind for an Australian non-bank business credit card. We’ve also increased visibility for primary cardholders, who can now view all secondary card transactions from within their app.
“However, this is, of course, just the start for us. With our official launch right around the corner, this new funding allows us to materially accelerate our hiring, invest more in our growth and speed up our feature delivery over the next 6-12 months. This will include richer expense management features, a desktop portal and much more.”
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