Australian expenses management platform Cape has raised $33.1m in debt and equity financing following a $30m debt facility and a $3.1m equity round.
The equity raise was led by Scalare Partners, Mercury Capital, Investible and included 15 other business angels. Meanwhile, the debt facility came from Aura Ventures.
Founded in 2020, Cape claims it is building a new finance automation platform, focused on helping Australian businesses cut wasteful spending and the time taken on financial administration tasks.
The firm offers free access to expense management tools, cloud accounting integrations and an ability to issue physical & virtual corporate cards.
According to AltFi, Cape offers its SME customers a charge card with limits of up to to $100,000 based on creditworthiness, using open banking provided by Basiq to make credit decisions.
The company’s card – which is soon to be launched – will allow firms to manage their cash flow through live file management, access BNPL finance and make revenue-based repayments.
Cape plans to use the new funding to double its headcount with a particular focus on engineers and product specialists. It also hopes to tape into Australia’s SME market with its new credit card.
Copyright © 2022 FinTech Global