Australian business credit card startup Archa has raised $4m in funding and secured a $20m debt facility.
The equity injection came from a list of experienced investors and founders, including CEO and founder of Wisr, Anthony Nantes, Alex Vynokur of Apex Capital and Betashares, Adam Jacobs, co-founder of The Iconic and Hatch, and former Macquarie Capital executives John Prendiville and Link Chairman. The round also included both Founders of Netspace, Stuart Marburg and Richard Preen, and a list of high-profile family offices.
Roadnight Capital led the debt funding facility, giving the fintech plenty of headroom as it prepares for a full commercial launch.
The company says it is already processing over $600,000 in transactions each month, and new customer growth is increasing 30% month-on-month.
Archa founder Oliver Kidd, says the new funding will help the company scale up its operations and introduce new product features: "Already this year, we’ve launched a Xero bank feed integration, which is the first of its kind for an Australian non-bank business credit card. We’ve also increased visibility for primary cardholders, who can now view all secondary card transactions from within their app.
"However, this is, of course, just the start for us. With our official launch right around the corner, this new funding allows us to materially accelerate our hiring, invest more in our growth and speed up our feature delivery over the next 6-12 months. This will include richer expense management features, a desktop portal and much more."