Australian business credit card startup Archa raises $24m in debt and equity
Australian business credit card startup Archa has raised $4m in funding and secured a $20m credit facility.
The capital injection came from a roster of experienced investors and founders, including Wisr CEO and Founder Anthony Nantes, Alex Vynokur of Apex Capital and Betashares, Adam Jacobs, co-founder of The Iconic and Hatch , and former Macquarie Capital executive John Prendiville. and President of Link. The cycle also included the two founders of Netspace, Stuart Marburg and Richard Preen, as well as a list of high profile family offices.
Roadnight Capital led the debt financing facility, giving the fintech plenty of breathing room as it prepares for a full commercial launch.
The company says it is already processing more than $600,000 in transactions each month and new customer growth is increasing 30% month over month.
Archa Founder Oliver Kidd said the new funding will help the company expand its operations and introduce new product features: “Already this year we launched a Xero banking feed integration, which is the first of its kind for a non-Australian.We’ve also increased visibility for primary cardholders, who can now see all secondary card transactions from within their app.
“However, this is of course just the beginning for us. With our official launch imminent, this new funding allows us to significantly accelerate our recruitment, further invest in our growth and accelerate the delivery of our features. over the next 6 years -12 months. This will include richer expense management features, a desktop portal and much more.”