Archa aims to leverage Mastercard’s payments technologies and services in order to help companies in acquiring the capital they need to run their business.
Oliver Kidd, CEO at Archa, stated:
“There are currently 2.2 million small businesses in Australia, [and approximately] 1.85 million of these have an annual turnover under $2 million. Not only do these businesses struggle to get credit cards, but we’re now living in an age where we expect more efficiency and control with how we and our staff manage spend.”
Kidd noted that his firm believes there’s a real opportunity to bring a spending solution to market that can assist these companies with expanding their operations. The solution should make their working lives easier, Kidd said.
“We want our cards to be first choice for all business spend, and we’re confident that with the team and technology at Mastercard, this will be the case.”
After a business has been approved, Archa gives them a credit card without requiring them to provide a personal guarantee. Archa also offers various features and analytics tools through its app, which include virtual cards, temporary cards, subscription management, automated syncing with accounting software, expense management, and card management.
Surin Fernando, vice president of business development at Mastercard, remarked:
“By combining Mastercard technology with Archa’s ambition to empower small businesses around Australia, we can help tackle some of the barriers faced by local merchants every day.”