Archa, an Australian fintech, has today announced a strategic partnership with Mastercard Australia in a move to provide neo corporate credit cards to the small business and start-up community.
The partnership will see Archa leverage Mastercard’s broad range of payments technologies, services and capabilities in order to provide businesses with options that enable them to more efficiently access capital and run their business. This will include the launch of a best-in-market corporate card, with a neo-twist.
Once companies are approved, Archa customers will have access to instant issuance of credit cards without the need to provide a personal guarantee. Archa will provide a complementary range of features and analytics through its app, including virtual cards, temporary cards, subscription management, automated syncing with major accounting platforms, expense management, card management and more.
"There are currently 2.2 million small businesses in Australia, c.1.85 million of these havean annual turnover under $2 million. Not only do these businesses struggle to get credit cards, but we’re now living in an age where we expect more efficiency and control with how we and our staff manage spend. We’ve recognised a real opportunity to bring a solution to market that helps these businesses grow with a spending solution to make their working lives easier, not harder. We are so excited to partner with the team at Mastercard. We want our cards to be first choice for all business spend, and we’re confident that with the team and technology at Mastercard, this will be the case," commented Archa CEO, Oliver Kidd.
"We’re excited to be partnering with the team at Archa to help make payments simpler, safer and smarter for their customers, helping to grow local small business in the process," said Surin Fernando, Vice President of Business Development at Mastercard. "By combining Mastercard technology with Archa’s ambition to empower small business around Australia, we can help tackle some of the barriers faced by local merchants every day."
Archa is an Australian fintech building neo corporate cards; digital accounts that offer small businesses instant credit, without a personal guarantee, on a functional platform that integrates with their existing business practices. Archa provides business owners a range of sophisticated tools to manage their spend in a way that works for them and their staff. Archa intends to bring to market a suite of tools for businesses and consumers to help them better manage their spend and make the most of their money.
About Mastercard Incorporated (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.