Archa, a Melbourne-based corporate card and spend management FinTech, has reportedly raised $61m through a mix of $11m in equity and a $50m debt facility as it looks to grow its business credit card offering and widen access to working capital.

The equity round was supported by founders and executives linked to several well-known Australian firms, including Zip, The Iconic, BetaShares and Netspace, according to a report from Ascendants. US investor The Fintech Fund also took part, as did a group of former Macquarie executives.

The fresh capital is aimed at a long-standing problem for company owners, namely securing credit for their business without being forced to personally guarantee the borrowing. The newly agreed debt facility underpins this approach, enabling Archa to lend to businesses without asking directors to put their own assets on the line.

Each part of the raise has a distinct role. The equity investment is earmarked for technology and product development, while the $50m debt line will give the firm the balance sheet capacity to extend credit to qualifying businesses. Combined, the two give Archa more firepower to pursue its growth ambitions.

As part of its plans, Archa intends to build out its expense management software further. This includes artificial intelligence capabilities that flag transactions breaching a company’s internal spending rules.

Archa offers a corporate card platform designed for modern finance teams. Businesses can issue cards across their entire workforce, track and control expenses, cut foreign exchange costs and collect rewards points. The company says customers can be onboarded within minutes rather than the months typical elsewhere.

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