Archa secures $61m to give Australian businesses the corporate cards they deserve

It's been a big week for Archa!

We’ve secured $11m in equity from family offices, venture investors and entrepreneurs, alongside a new $50m debt facility, to help more Aussie businesses access corporate credit. It caps a year of strong growth: our annual recurring revenue is up 184% over the past 12 months and we now manage over $200m in annualised spend for more than 2,500 businesses, including the NRL’s Sydney Roosters and construction firm Higgins.

Why we started Archa

Our founder and CEO Oliver Kidd started Archa after discovering how hard it was to get a credit card for his own company, despite it being a well-performing business.

"The process was far more complex than it needed to be, and it left me wondering why. Conversations with friends and peers in the business community made it clear this isn't an isolated issue; almost everyone I spoke to had a similar experience, and it's a systemic barrier many are encountering." — Oliver Kidd, Archa Founder and CEO

The problem doesn't stop at the application. Without modern corporate cards, teams fall back on workarounds: envelopes of cash for travelling staff, or junior solicitors paying court fees on personal debit cards and waiting 30 to 60 days to be reimbursed.

We estimate Australian businesses spend the equivalent of more than 13,000 full-time roles processing expense claims, tying up close to $1.3bn in productivity each year. Our customers are already saving upwards of 60 hours of staff time a month by replacing manual claims with controlled corporate cards and automated reconciliation.

What's next?

The equity raise will expand our product offering and and accelerate our growth, while the 50mil debt facility will boost our capacity to give businesses working capital and without personal guarantees.

"This sets us up to expand beyond spend management, with a new suite of financial products designed to improve access to capital and spend visibility, while making every dollar businesses spend work harder through rewards." — Oliver Kidd

and we're building this because the stakes are higher than ever for businesses

"When businesses can't access credit, the consequences stack up fast. Cashflow gets squeezed, investment stalls, suppliers wait, admin gets out of control, and growth opportunities disappear. In this economy, that's a cost Australian businesses, and frankly the country, simply can't afford." — Oliver Kidd

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We're just getting started

To every customer, partner and investor who got us here: thank you.

Ready to give your team corporate cards with easy set up and without personal guarantees? Request a demo today for more information on Archa's business credit card and spend management platform.

As featured in The Australian.

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About Archa

Archa is a corporate card and spend management platform that gives modern finance teams credit for business expenses, access to working capital and full control over team spending. Our Mastercard-powered physical and virtual cards let businesses control spending, automate reconciliation, spot duplicate subscriptions and access capital without the cost and complexity of a traditional business loan.

Founded in 2021, Archa serves more than 2,500 businesses managing $200m in annual spend.

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FAQs

Who is Archa for?

Growing Australian businesses, from small businesses to mid-market companies and enterprises.

Can I pay my ATO bills with Archa?

Yes. You can pay your ATO bills through Archa and earn uncapped points while you do it.

How does Archa save my team time?

Controlled corporate cards and automated reconciliation through integrations replace manual expense claims. Our customers save upwards of 60 hours of staff time a month.

Do Archa cards earn rewards?

Yes. Teams can earn uncapped Archa points to transfer to Virgin Australian Velocity Business Flyer or PayRewards.

What will the new funding be used for?

Expanding our product offering, launching new financial products to improve access to capital and spend visibility, and extending more working capital to Australian businesses.

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This article is general information only and does not constitute financial advice. Applications for credit are subject to Archa's credit approval criteria. Terms, conditions, fees and charges apply.

Sources

As featured in The Australian.

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