Archa, the FinTech and ex-consumer neo bank, has now announced plans to roll out a smart business credit card and spend management platform that will be the first of its kind in Australia.
According to founder and CEO Oliver Kidd, the company has seen a need in the B2B space with its own struggles to manage both business expense and financial administration.
Kidd said there was simply too much red tape and not enough options for business credit card requests.
The release notes that business credit cards have become commoditized as point products, with Kidd noting that while points might “sound attractive, for early stage, high-growth businesses, time is money; there needed to be a better solution that simplified financial admin to allow businesses more time to focus on the bigger picture and that is growth.”
Kidd added that the multi-billion dollar valuations of rival companies like Brex and Ramp show that there’s demand for another such product from Archa.
He said the company’s beta program has been doing well, and there’s a waitlist of businesses wanting to try Archa.
Archa helps to manage business spending and can integrate with a business’s accounting software, allowing the company to set spending limits and track the spending. The company works on a subscription model and can be used globally anywhere Mastercard is accepted.
Archa has made the pivot as it’s grown from 10 to 25 employees in the past year.
The company is also set to hit 40 employees by the end of the year.
PYMNTS writes that companies have been becoming more global, with around $10 trillion of the $120 trillion going between businesses every year being sent across borders now.
The transition to remote work has been another hurdle, with spend management now becoming more complicated and sprouting up new debates on what should be considered business expenses at all.