Paul Askew, whose experience spans GE Capital, Coles and Australian Payments Plus, joins Archa's board as a Non-Executive Director, effective immediately
Appointment follows Archa's AU$11m capital raise and AU$50m debt facility, and 184% ARR growth over the past 12 months
MELBOURNE, AUSTRALIA, OCTOBER 22: Business spend management and credit platform Archa has made a significant addition to its board, appointing industry heavyweight Paul Askew as a Non-Executive Director. The move adds senior risk, data and strategy experience to its board as Archa enters its next phase of growth.
Askew brings extensive experience across risk and data management, technology, partnerships and strategy, having held senior roles and board positions at GE Capital, Coles and Australian Payments Plus.
Founder and CEO Oliver Kidd said the company had matured to the point where extending its governance framework was the logical next step:
"Archa has reached a stage of financial security and significant growth that reflects the strength of our platform and the trust our customers place in us. As we move into the next phase of maturity, it's the right time to extend our governance framework and bring in additional experience at Board level. Paul's background in risk and strategy is exactly what we need as we plan for the next stage of Archa's journey, and I'm delighted to welcome him to the Board."
The appointment is the latest step in a strategic period for Archa. The company this week announced it had raised AU$11m in venture capital and secured a new AU$50m debt facility to boost its capacity to provide businesses with working capital without personal guarantees. The raise follows 184% growth in annual recurring revenue (ARR) over the past 12 months.
Archa’s recent funding positions it to expand its product offering and accelerate growth, with a new suite of competitive financial products designed to improve access to capital, spend visibility and support for CFOs and finance teams.
On his appointment, Askew said he sees Archa as differentiated in business payment cards and spend management, and will focus on the board's oversight of risk and strategy as the company scales:
"Archa has built something genuinely differentiated in the business payment card and spend management space, and I'm excited to support Oliver and the team as they scale and mature the business. I look forward to contributing to the board's oversight of risk and strategy as Archa continues to grow."
Archa is now used by thousands of Australian businesses, including NRL's Sydney Roosters and construction firm Higgins, Customers already save upwards of 60 hours of staff time each month by replacing manual claims with controlled corporate cards and automated reconciliation.
About Archa
Archa is a business spend management and credit platform combining working capital, corporate cards and automated expense management.
Its Mastercard-powered physical and virtual cards allow businesses to control team spending, automate transaction reconciliation, identify duplicate subscriptions and access capital without the cost and complexity of a traditional business loan.
Archa is available directly to Australian businesses and through embedded partnerships with retailers, banks, non-bank lenders and marketplaces.
Established in 2021, Archa is backed by prominent family offices, venture firms and entrepreneurs behind names including The Iconic, BetaShares, Netspace and Zip.
The company serves over 2500 businesses managing AU$200M in annual spend through its platform.
