Aussie fintech Archa lands $24m in equity and debt funding
Archa, a corporate card and spend management platform for businesses, has raised $24 million in a pre-Series A investment round.
Archa lands $24m funding
The funding consists of a $20 million debt facility from Roadnight Capital and $4 million in equity funding.
CEO and founder of Wisr, Anthony Nantes, led the equity round along with investors from Apex Capital, Macquarie Capital and Netspace, among others.
The Australian start-up provides businesses with corporate cards for their teams and enables customers to reconcile transactions into accounting systems and access liquidity without a personal guarantee.
“The problems faced by businesses when it comes to banking and payments is immense – so is the opportunity,” says Oliver Kidd, Archa’s founder and CEO.
“We’re building a product designed around modern-day business processes to help save owners time and money so they can grow more efficiently.”
Kidd says the new funding will help the company to scale faster, serve more businesses and improve its product offerings, adding that the debt facility will give the firm the capacity to fund a “substantial corporate credit card book”.
The fintech claims it currently processes over $600,000 in transactions each month, with new customer growth also rising 30% month-on-month.
