We’ve raised $4m in funding and secured a $20m debt facility to accelerate our growth
We’re excited to announce that we’ve raised a new $4m funding round, together with a $20m debt funding facility. We’ve been incredibly fortunate to receive backing from an enviable 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. We’re super grateful for the backing we’ve received from such a fantastic list.
On the debt side, we’re welcoming Roadnight Capital as our key funding partner, having agreed a $20m institutional debt funding facility to accelerate our growth. We’re so excited to have a partner like Roadnight onboard, given their credentials and strong pedigree working with fintech businesses in Australia. Ultimately, working closely with Roadnight will allow us to grow faster, and more efficiently. Together, we’ll be able to serve substantially more customers.
The fundraise and debt facility is a huge milestone for Archa, but also serves a great chance to stand back and appreciate how far we’ve come. Today, we’re lucky to count high-growth businesses like Sherlock, WeFund & Law Squared as our customers. Collectively across our base, we process over $600,000 in transactions each month (growing rapidly), and new customer growth is increasing 30% month-on-month.
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. 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.
Our product delivery is also gaining some real momentum. 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.
I’m super proud of our team for all the hard work and late nights they’ve put in to get us to where we are today. None of this could happen without them, or our loyal customers and partners, who have provided invaluable feedback, recommended us to their peers, and been big supporters of us in general.
We have big ambitions for the next 12 months. Fundamentally though: we want to help thousands of businesses around Australia (and elsewhere) manage their team spend and grow faster. We’re looking forward to doing just that.