Innovative Australian B2B fintech scale-up disrupting expense management space Cape raised AUS $3.1 million in 2022 and saw a year of record growth
SYDNEY, 22 June 2023 – Fast-growing next-gen global payments platform Thredd has today announced that Cape, the Australia-based expense management platform and corporate card provider, has selected Thredd as its issuer processor to support Cape’s expansion across Asia-Pacific and beyond.
Launched in Sydney in 2020, Cape was founded by Ryan Edwards-Pritchard and raised AUS $3.1 million in March 2022 to accelerate the ambitious fintech’s growth in Australia and overseas. Cape is an all-in-one expense management platform driving disruption in the B2B space through helping businesses and corporates spend smarter and improve efficiency through saving time and money.
Many of Cape’s customers are growing rapidly and collectively raised over AUS $500 million in 2022. They require a robust payment solution that can scale with them, including secure payments, virtual corporate cards, international transaction capabilities, and a range of new-to-market technology that will power up their payments, policies, and people. Adopting Thredd’s issuer processing technology will help Cape better serve these customers and prepare for the next phase of growth and innovation on a global scale.
“Cape is an exciting fintech tackling cash flow challenges from a different angle. They are solving a well-known pain point for businesses through digitising the entire expense management process, from cards, receipts, accounting, and reporting Cape is digitising and optimising company spend,” said Damien Gough, Head of Asia-Pacific, Thredd.
“Getting access to financing for small business has always been a hurdle, and credit cards when used responsibly with seamless controls and integration to accounting software are a game changer. Now more than ever businesses and corporates of all sizes need to tightly track and manage their teams’ expenses with real time insights, controls, and limits.”
Damien added: “We are excited to partner Cape who are leveraging our underlying payments technology and experienced team in the region, to swiftly scale their needed products across Asia-Pacific. In partnership, we are solving real world challenges to help businesses carefully manage and optimise their cashflow with advanced digital tools.”
“We’re thrilled to be collaborating with Thredd who we selected as we believe they are the ideal partner to help us get to market and scale quickly. Their modern platform with open APIs and advanced analytics is unparalleled providing unprecedented control for rapidly growing fintechs in Asia-Pacific such as Cape,” said Ryan Edwards-Pritchard, CEO & Founder at Cape. “Their cloud-based tech allows us to issue cards to our customers that are highly configurable with dynamic card controls, allowing for streamlined purchase flows and reducing fraud risk.”
Ryan added: “2022 was a foundation year for Cape as we raised a $3.1million Pre-Seed to fund our development and onboarded our first set of early adopters. As the shift towards digital payments accelerates across Asia-Pacific, business demand for reloadable cards for employees, seamless overseas transactions, automated payment workflows, and reducing fraud, will continue to rise exponentially, driving demand for next-gen expense management tech like Cape. We are optimistic for continued growth in 2023 as we branch out into new markets.”
Thredd is the new name of Global Processing Services (GPS). The company rebranded as Thredd in April 2023 to reflect the company’s pivotal role in weaving together the different ‘threads’ of the next-gen global payments ecosystem to fuel the growth of electronic payments. With a new leadership team comprising of industry veterans coupled with the backing of future-focused investors, this rebranding marks the next phase of customer partnership and product innovation to bring the aspirations of innovative payments visionaries to life.
