Fintech Archa closes USD 24 mln funding round

Archa’s growth is reflective of a global trend in the corporate card space, with US unicorn Brex recently closing USD 300 million in fresh capital at a USD 12.3 billion valuation in its Series D-2 round. Archa expects to replicate this in the Australian market where corporate spending solutions are few, according to the press release.

The company welcomed investors and believes it reflects the large and growing need for alternatives to traditional business banking products. The announcement coincides with the company securing its first institutional debt facility with Roadnight Capital, providing more ability to accelerate its customer growth. The fintech was advised by Vixory Capital on the debt transaction.

Representatives from Archa added that the problems faced by businesses when it comes to banking and payments are significant. They’re building a product designed around business processes to help save owners time and money so they can grow more quickly.

This round of funding is growth capital. It will help scale, serve more businesses, and grow product functionality. The debt facility fortifies the economics of the business and it provides the capacity to fund a corporate credit card book. The company is hopeful about running operational finance for businesses.

Archa is a corporate card and spend management platform for high-growth businesses, allowing teams to issue corporate cards, reconcile transactions into accounting systems, and access liquidity without a personal guarantee. Its goals is to help business owners save time and money while enabling their teams to focus on what they do.