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.
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Page last updated December 5, 2020
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