Australian expense management Fintech Cape has acquired $33.1 million in capital from Aura Ventures, Investible, Scalare Partners, Mercury Capital and various business angels.
Cape intends to offer a centralized node for handling internal expense controls, eliminating duplicate and unnecessary expenses, in order to assist firms with significantly lowering their overall expenses with corporate cards bundled in software that can track and control all spending.
Companies may establish various limits for different individuals and teams, and also work on centralizing their receipts, attaching them to each expense with integrations into Cloud accounting software platforms.
The Fintech firm also offers clients with cashback on purchases, whether that’s a client coffee, Uber ride or even a monthly subscription cost.
Cape clients may get access to a charge card with credit limits up to $100,000 depending on their creditworthiness.
Cape leverages Open Banking tech in order to understand its customers financial position and any any changes needed to ensure they are providing a suitable line of credit.
Cape, like many other firms operating in North America (Brex & Ramp) and Europe (Pleo & Payhawk), generates revenue by collecting a relatively small part of customer spend as earnings through interchange income.
Unlike these regions, interchange in Australia is reportedly one of the lowest internationally.
In order to address this, Cape became a Principal Member to Mastercard, thus being able to control its overall costs by retaining all of the interchange and providing a route to growth across the Asia-Pacific region.
Cape’s pricing structure reportedly differs from other service providers, enabling clients to issue unlimited virtual cards to workers, with no transfer fees or interest charged on the credit facility.
Instead, the company charges a subscription fee for its expense and spend management software, making it somewhat like a typical SaaS platform with tiered pricing.
The 18 person team established 17 months ago is based in Sydney and remotely across three continents.
The company said that it aims to double its headcount in the next few months, with the majority of funding being channeled towards recruiting engineers as well as product specialists.