Fintech Archa to launch new neo business credit card

By Polly Fleeting · Wednesday, 21 October 2020

Ever heard of a neo business credit card?

Say hello to Melbourne-based fintech Archa.

This week, Archa announced that it has become a principal issuing member of Mastercard, meaning it can access the card providers leading global payment network.

The partnership will allow the fintech to launch its new neo business credit card along with an app with innovative tools to help businesses manage their expenses.

“This is a really important strategic milestone for Archa. We’re thrilled to have the support of Mastercard as a critical foundation to our business model,” Archa’s chief executive, Oliver Kidd said.

“We look forward to working closely with Mastercard over the coming years to support small businesses throughout the region.”

How will Archa work?

Previously launched as a personal prepaid debit card and app combo, Archa has pivoted to focus on small business.

The fintech says that given the nature of the current COVID-19 environment and lockdowns, the launch of this new card will help businesses who need it.

Ultimately, the product is an innovative and cost-effective credit card payment system. Features include things like:

A business credit card (both physical and digital)
Ability to issue cards to employees via the app
Change card limits as needed via the app
A range of expense management in-app tools (e.g the ability to scan receipts from your phone)

“Mastercard is thrilled to welcome Archa to our global network of exciting fintechs,” said vice president of fintech, Mastercard Australasia, Kallan Hogan.

“Archa’s business card offering closely aligns with our mission to support small businesses by providing them with business centric products and tools to support their growth through all economic cycles.”

Plus, once the cards are able to be issued, Archa will look to collaborate with other fintechs and bring joint propositions to small businesses across the country.

Archa is currently testing with a select group of beta customers and will be launching the business credit card later in quarter two of 2021.

RELATED ARTICLE: Post 2020 Budget: What financial support is my business eligible for?

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Page last updated December 5, 2020

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Heritage Bank
About Heritage Bank
Fully Drawn Loan
Heritage Banks Fully Drawn Business Loan is a good option for most business needs such as purchasing a property, buying a business or longer term working capital requirements.
Interest Rate
2.95% p.a. variable
Upfront Fee
Negotiable
Funding speed
Varies
Go to site
Details
Fully Drawn Loan
Heritage Banks Fully Drawn Business Loan is a good option for most business needs such as purchasing a property, buying a business or longer term working capital requirements.
Interest Rate
2.95% p.a. variable
Upfront Fee
Negotiable
Ongoing Fees
$20 monthly
Late payment fee
$0.00
Transaction fee
-
Early repayment penalty
$0
Other fees
-
Loan type
Loan
Security type
Secured
Minimum loan amount
$20,000
Maximum loan amount
-
Minimum loan term
-
Maximum loan term
-
Repayment frequency
Weekly, Fortnightly, Monthly
Repayment types
interest only, principal and interest
Minimum trading period
Varies
Minimum annual turnover
Varies
Application speed
Varies
Approval speed
Varies
Funding speed
Varies
Extra repayments allowed
yes
Redraw allowed
yes - with $20 fee
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-
Other restrictions
Residential Security Interest Rate. A break fee applies to fixed term loans if broken early.
Read our Mozo Review to learn more about the Fully Drawn Loan
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Heritage Bank
About Heritage Bank
Fully Drawn Loan
Heritage Banks Fully Drawn Business Loan is a good option for most business needs such as purchasing a property, buying a business or longer term working capital requirements.
Interest Rate
2.95% p.a. variable
Upfront Fee
Negotiable
Funding speed
Varies
Go to site
Fully Drawn Loan
Heritage Banks Fully Drawn Business Loan is a good option for most business needs such as purchasing a property, buying a business or longer term working capital requirements.
Interest Rate
2.95% p.a. variable
Upfront Fee
Negotiable
Ongoing Fees
$20 monthly
Late payment fee
$0.00
Transaction fee
-
Early repayment penalty
$0
Other fees
-
Loan type
Loan
Security type
Secured
Minimum loan amount
$20,000
Maximum loan amount
-
Minimum loan term
-
Maximum loan term
-
Repayment frequency
Weekly, Fortnightly, Monthly
Repayment types
interest only, principal and interest
Minimum trading period
Varies
Minimum annual turnover
Varies
Application speed
Varies
Approval speed
Varies
Funding speed
Varies
Extra repayments allowed
yes
Redraw allowed
yes - with $20 fee
Other benefits
-
Other restrictions
Residential Security Interest Rate. A break fee applies to fixed term loans if broken early.
Read our Mozo Review to learn more about the Fully Drawn Loan
Go to site
Details
Timelio
About Timelio
Invoice Finance
Get your customer invoices paid early, without waiting up to 90 days for payment. Apply online in 10 minutes and select your local or overseas invoices to fund. Flexible funding with no lock-in contract.
Interest Rate
On Application
Upfront Fee
$0.00
Funding speed
24 hours
Go to site
Details
Invoice Finance
Get your customer invoices paid early, without waiting up to 90 days for payment. Apply online in 10 minutes and select your local or overseas invoices to fund. Flexible funding with no lock-in contract.
Interest Rate
On Application
Upfront Fee
$0.00
Ongoing Fees
$0.00
Late payment fee
$0.00
Transaction fee
On Application
Early repayment penalty
$0.00
Other fees
-
Loan type
Line of Credit
Security type
Secured
Minimum loan amount
$10,000
Maximum loan amount
$100,000,000
Minimum loan term
0 years
Maximum loan term
4 months
Repayment frequency
-
Repayment types
-
Minimum trading period
0 years
Minimum annual turnover
$0
Application speed
10 Minutes
Approval speed
24 hours
Funding speed
24 hours
Extra repayments allowed
yes
Redraw allowed
yes
Other benefits
No lock in contract, flexible funding drawdowns, international invoices, trade finance
Other restrictions
-
Go to site
Timelio
About Timelio
Invoice Finance
Get your customer invoices paid early, without waiting up to 90 days for payment. Apply online in 10 minutes and select your local or overseas invoices to fund. Flexible funding with no lock-in contract.
Interest Rate
On Application
Upfront Fee
$0.00
Funding speed
24 hours
Go to site
Invoice Finance
Get your customer invoices paid early, without waiting up to 90 days for payment. Apply online in 10 minutes and select your local or overseas invoices to fund. Flexible funding with no lock-in contract.
Interest Rate
On Application
Upfront Fee
$0.00
Ongoing Fees
$0.00
Late payment fee
$0.00
Transaction fee
On Application
Early repayment penalty
$0.00
Other fees
-
Loan type
Line of Credit
Security type
Secured
Minimum loan amount
$10,000
Maximum loan amount
$100,000,000
Minimum loan term
0 years
Maximum loan term
4 months
Repayment frequency
-
Repayment types
-
Minimum trading period
0 years
Minimum annual turnover
$0
Application speed
10 Minutes
Approval speed
24 hours
Funding speed
24 hours
Extra repayments allowed
yes
Redraw allowed
yes
Other benefits
No lock in contract, flexible funding drawdowns, international invoices, trade finance
Other restrictions
-
Go to site
Details
Hot DealNo repayments on loans for the first 8 weeks (T&Cs apply, offer ends 31st December)
Prospa
About Prospa
Business Loan
Business loans available from $5K to $300K and funding possible in 24 hours. Prospa uses risk-based pricing to determine your interest rate, which can range from 14.95% p.a. to 24.95% p.a. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.
Interest Rate
Interest rates vary based on risk. Rates range from 14.95% to 24.95% p.a.
Upfront Fee
3%
Funding speed
from 24 hours
Go to site
Details
Business Loan
Business loans available from $5K to $300K and funding possible in 24 hours. Prospa uses risk-based pricing to determine your interest rate, which can range from 14.95% p.a. to 24.95% p.a. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.
Interest Rate
Interest rates vary based on risk. Rates range from 14.95% to 24.95% p.a.
Upfront Fee
3%
Ongoing Fees
$0.00
Late payment fee
$0.00
Transaction fee
-
Early repayment penalty
$0.00
Other fees
-
Loan type
Loan
Security type
Secured
Minimum loan amount
$5,000
Maximum loan amount
$300,000
Minimum loan term
3 months
Maximum loan term
3 years
Repayment frequency
Weekly
Repayment types
Principal & Interest
Minimum trading period
6 months
Minimum annual turnover
$25,000
Application speed
10 Minutes
Approval speed
Same-day approval
Funding speed
from 24 hours
Extra repayments allowed
yes
Redraw allowed
no
Other benefits
No repayments for the first 8 weeks offer available for new or refinanced business loans settled by the 31 December 2020. Interest will accrue in this period and the total repayment term will be extended.
Other restrictions
-
Go to site
Prospa
About Prospa
Business Loan
Business loans available from $5K to $300K and funding possible in 24 hours. Prospa uses risk-based pricing to determine your interest rate, which can range from 14.95% p.a. to 24.95% p.a. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.
Interest Rate
Interest rates vary based on risk. Rates range from 14.95% to 24.95% p.a.
Upfront Fee
3%
Funding speed
from 24 hours
Go to site
Business Loan
Business loans available from $5K to $300K and funding possible in 24 hours. Prospa uses risk-based pricing to determine your interest rate, which can range from 14.95% p.a. to 24.95% p.a. They look at factors including your industry, years in business, cash flow, creditworthiness and the overall financial health of your business.
Interest Rate
Interest rates vary based on risk. Rates range from 14.95% to 24.95% p.a.
Upfront Fee
3%
Ongoing Fees
$0.00
Late payment fee
$0.00
Transaction fee
-
Early repayment penalty
$0.00
Other fees
-
Loan type
Loan
Security type
Secured
Minimum loan amount
$5,000
Maximum loan amount
$300,000
Minimum loan term
3 months
Maximum loan term
3 years
Repayment frequency
Weekly
Repayment types
Principal & Interest
Minimum trading period
6 months
Minimum annual turnover
$25,000
Application speed
10 Minutes
Approval speed
Same-day approval
Funding speed
from 24 hours
Extra repayments allowed
yes
Redraw allowed
no
Other benefits
No repayments for the first 8 weeks offer available for new or refinanced business loans settled by the 31 December 2020. Interest will accrue in this period and the total repayment term will be extended.
Other restrictions
-
Go to site
Details
Heritage Bank
About Heritage Bank
Line of Credit
Heritage Banks Business Line of Credit is a flexible form of finance, allowing you to decide when to make principal reductions, plus the ability to re-use these funds at any time during the term of the facility.
Interest Rate
3.75% p.a. variable
Upfront Fee
Negotiable
Funding speed
Varies
Go to site
Details
Line of Credit
Heritage Banks Business Line of Credit is a flexible form of finance, allowing you to decide when to make principal reductions, plus the ability to re-use these funds at any time during the term of the facility.
Interest Rate
3.75% p.a. variable
Upfront Fee
Negotiable
Ongoing Fees
$20 monthly
Late payment fee
$0.00
Transaction fee
First five transactions free, then $2.00 per transaction.
Early repayment penalty
n/a
Other fees
-
Loan type
Line of credit
Security type
Secured
Minimum loan amount
$50,000
Maximum loan amount
$500,000
Minimum loan term
-
Maximum loan term
-
Repayment frequency
Monthly
Repayment types
n/a
Minimum trading period
Varies
Minimum annual turnover
Varies
Application speed
Varies
Approval speed
Varies
Funding speed
Varies
Extra repayments allowed
n/a
Redraw allowed
n/a
Other benefits
-
Other restrictions
-
Read our Mozo Review to learn more about the Line of Credit
Go to site
Heritage Bank
About Heritage Bank
Line of Credit
Heritage Banks Business Line of Credit is a flexible form of finance, allowing you to decide when to make principal reductions, plus the ability to re-use these funds at any time during the term of the facility.
Interest Rate
3.75% p.a. variable
Upfront Fee
Negotiable
Funding speed
Varies
Go to site
Line of Credit
Heritage Banks Business Line of Credit is a flexible form of finance, allowing you to decide when to make principal reductions, plus the ability to re-use these funds at any time during the term of the facility.
Interest Rate
3.75% p.a. variable
Upfront Fee
Negotiable
Ongoing Fees
$20 monthly
Late payment fee
$0.00
Transaction fee
First five transactions free, then $2.00 per transaction.
Early repayment penalty
n/a
Other fees
-
Loan type
Line of credit
Security type
Secured
Minimum loan amount
$50,000
Maximum loan amount
$500,000
Minimum loan term
-
Maximum loan term
-
Repayment frequency
Monthly
Repayment types
n/a
Minimum trading period
Varies
Minimum annual turnover
Varies
Application speed
Varies
Approval speed
Varies
Funding speed
Varies
Extra repayments allowed
n/a
Redraw allowed
n/a
Other benefits
-
Other restrictions
-
Read our Mozo Review to learn more about the Line of Credit
Go to site
Details
ScotPac
About ScotPac
Invoice Finance
Leave property out of the equation with ScotPac's Invoice Finance solution. Receive up to 85% of your debtors ledger with facilities ranging from $200K to over $100Mil.
Interest Rate
from 6.00% p.a.
Upfront Fee
On Application
Funding speed
from 24 hours
Go to site
Details
Invoice Finance
Leave property out of the equation with ScotPac's Invoice Finance solution. Receive up to 85% of your debtors ledger with facilities ranging from $200K to over $100Mil.
Interest Rate
from 6.00% p.a.
Upfront Fee
On Application
Ongoing Fees
Ongoing service fees apply. Amount is calculated as a percentage of invoices processed.
Late payment fee
-
Transaction fee
$0.00
Early repayment penalty
-
Other fees
-
Loan type
Line of Credit
Security type
Secured
Minimum loan amount
$200,000
Maximum loan amount
-
Minimum loan term
1 year
Maximum loan term
-
Repayment frequency
-
Repayment types
-
Minimum trading period
0 years
Minimum annual turnover
$1,000,000
Application speed
Varies
Approval speed
Varies
Funding speed
from 24 hours
Extra repayments allowed
-
Redraw allowed
-
Other benefits
Borrowed funds are secured against outstanding accounts receivable.
Other restrictions
Recourse fees payable on debts which remain unpaid 90 days after the month of being raised.
Go to site
ScotPac
About ScotPac
Invoice Finance
Leave property out of the equation with ScotPac's Invoice Finance solution. Receive up to 85% of your debtors ledger with facilities ranging from $200K to over $100Mil.
Interest Rate
from 6.00% p.a.
Upfront Fee
On Application
Funding speed
from 24 hours
Go to site
Invoice Finance
Leave property out of the equation with ScotPac's Invoice Finance solution. Receive up to 85% of your debtors ledger with facilities ranging from $200K to over $100Mil.
Interest Rate
from 6.00% p.a.
Upfront Fee
On Application
Ongoing Fees
Ongoing service fees apply. Amount is calculated as a percentage of invoices processed.
Late payment fee
-
Transaction fee
$0.00
Early repayment penalty
-
Other fees
-
Loan type
Line of Credit
Security type
Secured
Minimum loan amount
$200,000
Maximum loan amount
-
Minimum loan term
1 year
Maximum loan term
-
Repayment frequency
-
Repayment types
-
Minimum trading period
0 years
Minimum annual turnover
$1,000,000
Application speed
Varies
Approval speed
Varies
Funding speed
from 24 hours
Extra repayments allowed
-
Redraw allowed
-
Other benefits
Borrowed funds are secured against outstanding accounts receivable.
Other restrictions
Recourse fees payable on debts which remain unpaid 90 days after the month of being raised.
Go to site
Details
Business Fuel
About Business Fuel
Business Loan
Fast, flexible business loans from $10,000 to $200,000. Great for businesses which have been trading for more than 6 months with a monthly turnover above $10,000.
Interest Rate
On Application
Upfront Fee
$0.00
Funding speed
48 Hours
Go to site
Details
Business Loan
Fast, flexible business loans from $10,000 to $200,000. Great for businesses which have been trading for more than 6 months with a monthly turnover above $10,000.
Interest Rate
On Application
Upfront Fee
$0.00
Ongoing Fees
$0.00
Late payment fee
$25.00
Transaction fee
$0.00
Early repayment penalty
$0.00
Other fees
-
Loan type
Loan
Security type
Secured or Unsecured
Minimum loan amount
$10,000
Maximum loan amount
$200,000
Minimum loan term
6 months
Maximum loan term
1 year
Repayment frequency
Weekly
Repayment types
Principal & Interest
Minimum trading period
6 months
Minimum annual turnover
$120,000
Application speed
5 Minutes
Approval speed
24 Hours
Funding speed
48 Hours
Extra repayments allowed
yes
Redraw allowed
yes
Other benefits
Single Fixed Fee
Other restrictions
-
Read our Mozo Review to learn more about the Business Loan
Go to site
Business Fuel
About Business Fuel
Business Loan
Fast, flexible business loans from $10,000 to $200,000. Great for businesses which have been trading for more than 6 months with a monthly turnover above $10,000.
Interest Rate
On Application
Upfront Fee
$0.00
Funding speed
48 Hours
Go to site
Business Loan
Fast, flexible business loans from $10,000 to $200,000. Great for businesses which have been trading for more than 6 months with a monthly turnover above $10,000.
Interest Rate
On Application
Upfront Fee
$0.00
Ongoing Fees
$0.00
Late payment fee
$25.00
Transaction fee
$0.00
Early repayment penalty
$0.00
Other fees
-
Loan type
Loan
Security type
Secured or Unsecured
Minimum loan amount
$10,000
Maximum loan amount
$200,000
Minimum loan term
6 months
Maximum loan term
1 year
Repayment frequency
Weekly
Repayment types
Principal & Interest
Minimum trading period
6 months
Minimum annual turnover
$120,000
Application speed
5 Minutes
Approval speed
24 Hours
Funding speed
48 Hours
Extra repayments allowed
yes
Redraw allowed
yes
Other benefits
Single Fixed Fee
Other restrictions
-
Read our Mozo Review to learn more about the Business Loan
Go to site
Details

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Polly Fleeting

Money writer

Polly Fleeting is a personal finance writer here at Mozo, specialising in loans and credit cards. Her work is aimed at helping people find ways to make smart product choices, reduce debt and get more for their hard-earned dollars. Polly has a degree in Journalism from the University of Technology, Sydney.

Fintech Archa to launch new neo business credit card

How will Archa work?

Compare Business Loans - rates updated dailyMozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

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