Archa Money raises $11 million and secures $50 million in debt
Archa says annual recurring revenue grew 184% in 12 months and it processes more than $200 million a year.
Archa's $11 million raise was backed by executives and founders from Zip, The Iconic and BetaShares. Archa also secured a $50 million debt facility, a loan arrangement that will support its lending.
The lending is based on business performance, so directors do not risk personal assets. Oliver Kidd, a former corporate lawyer, founded the company a decade ago as a neobank, an online-only bank.
In its first five years it raised around $3.8 million, before switching to corporate credit in 2021. Archa says its annual recurring revenue, or yearly income from regular customers, grew 184% in the past 12 months.
The company says it processes more than $200 million in spending a year. Archa estimates that manual expense claims and trouble getting credit cost Australia $1.3 billion in productivity each year.
Kidd calls corporate card spending 'one of the most obscure problems in finance'.
- 11 million dollars
- Equity raise
- 50 million dollars
- Debt facility
- 184 per cent in past 12 months
- Annual recurring revenue growth
- more than 200 million dollars
- Annual spending processed
Why it mattersBusinesses that handle staff expense claims could get purchases checked against company spending rules by AI.
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