Australian Spend Management Platform Archa Raises $24M

Australian corporate card and spending management firm Archa announced (April 19) it raised $4 million and lined up a $20 million debt facility.

The funds will let Archa “materially accelerate our hiring, invest more in our growth and speed up our feature delivery over the next 6-12 months,” Archa founder and chief executive Oliver Kidd said in a prepared statement.

Archa stated in the announcement that the funding comes from, among other sources: Wisr Chief Executive and founder 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.

Netspace founders Stuart Marburg and Richard Preen, as well as family offices, also provided funds, according to Archa.

The main source of the $20 million in debt funding, the company stated, is Roadnight Capital.

“Ultimately, working closely with Roadnight will allow us to grow faster, and more efficiently. Together, we’ll be able to serve substantially more customers,” Kidd said.

Archa said its customers include Sherlock, WeFund and Law Squared. The firm said it processes $600,000 in transactions every month and is averaging 30 percent monthly growth in its customer base.

“Our solution has opened the door to business owners who can’t (or don’t want to) access a corporate credit card through their bank, and for high-growth businesses unable to offer corporate cards to their teams,” Kidd wrote in a company blog post. “This is why we exist and continue to work tirelessly to help businesses that need an alternative and better way to manage their business spend.”