Archa appoints Paul Askew as non-executive director

Archa has appointed Paul Askew to its board as a non-executive director after the Australian fintech secured AUD $61 million in funding to support its growth and expand its working capital offering.

Askew, a former executive at GE Capital and Coles, will focus on board oversight of risk and strategy as the company expands its operations. He has also held board positions at Australian Payments Plus, bringing experience in financial services, payments and corporate governance.

The appointment comes as Archa strengthens its governance framework following a period of growth. The company said additional board-level oversight would help guide its next stage of development, with Askew expected to contribute his experience in risk management, data and strategy.

The fintech recently raised AUD $11 million in venture capital and secured a new AUD $50 million debt facility, bringing its total funding to AUD $61 million. The funds will increase its capacity to provide working capital to businesses without requiring personal guarantees.

Archa reported that its annual recurring revenue grew 184% over the past 12 months. Founded in 2021, the company said more than 2,500 businesses now manage AUD $200 million in annual spend through its platform.

Its customers include the Sydney Roosters and construction company Higgins. Archa provides company cards and expense management tools designed to replace manual expense claims and automate reconciliation. The company said its platform saves customers more than 60 hours of staff time each month.

Chief Executive Officer Oliver Kidd said the company's growth and financial position had created a need for additional board oversight as it prepared for its next stage of development.

"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," Kidd said.

Spend management

Spend management and business credit providers have attracted investor interest as companies seek alternatives to traditional bank lending and manual back-office processes.

Archa combines working capital, corporate cards and expense management tools in a single offering. Its platform is designed to help businesses manage company spending while reducing the administrative work associated with expense claims and financial reconciliation.

The AUD $50 million debt facility will provide additional capacity for Archa to extend working capital to businesses, while the venture capital funding supports its broader growth plans. The company said its offering allows businesses to access working capital without personal guarantees.

Askew said he would focus on supporting the board's oversight of risk and strategy as Archa expands its operations and develops its business payment card and spend management offering.

"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," Askew said.