Anna Money acquires Aussie business spend management fintech GetCape
UK fintech Anna Money has acquired Australian business spend management platform GetCape (also known as Cape) for an undisclosed sum.
UK fintech Anna acquires GetCape
Marking its first acquisition since its inception in 2017, London-based Anna Money will bolster its AI-powered business account and tax app with GetCape’s corporate card and expense management software to help enhance its UK offering and drive its push into the Australian market.
With the acquisition, the company says it plans to “create a new SaaS category to take on Australia’s ‘big four’ banks”, offering “expense management and corporate cards designed to save small businesses time and money”.
Anna Money says its first steps will be to introduce a “smart business current account and debit card” in both markets, as well as credit cards for its UK customer base.
This will be followed by further products in the areas of invoicing, bookkeeping, tax calculations and tax filing, which are due to be launched in both markets over a two-year period.
It will support its presence down under with a new business unit called Anna Money Australia, for which Ryan Edwards-Pritchard, GetCape’s founder and CEO, will serve as CEO.
He says the combined businesses will provide B2B payments solutions that will be delivered via a “ChatGPT-style AI assistant that provides business owners with the power of a finance team in the palm of their hand, just without the unnecessary headcount”.
GetCape was founded by Edwards-Pritchard in 2020 in Sydney. The start-up raised $33.1 million in 2022. At the time, it employed 18 people.
