Australian fintech Archa lands $24m in equity and debt funding
Archa, a business card and expense management platform for businesses, raised $24 million in a pre-Series A investment round.
The financing consists of a $20 million credit facility from Roadnight Capital and a $4 million equity financing.
Wisr CEO and Founder Anthony Nantes led the round with investors from Apex Capital, Macquarie Capital and Netspace, among others.
The Australian start-up provides businesses with corporate cards for their teams and allows customers to reconcile transactions in accounting systems and access liquidity without personal collateral.
“The challenges facing enterprises in banking and payments are immense, and so is the opportunity,” said Oliver Kidd, Founder and CEO of Archa.
“We’re building a product designed around modern business processes to help owners save time and money so they can grow more efficiently. »
Kidd says the new funding will help the company scale faster, serve more businesses and improve its product offerings, adding that the credit facility will give the company the ability to fund a “significant portfolio of cards business credit”.
The fintech says it currently processes more than $600,000 in transactions each month, with new customer growth also increasing by 30% month-over-month.