Plans to compete with the big banks, offering corporate card and expense management platform for small business
London, United Kingdom, 14 March 2024 - UK business and tax app ANNA Money today announced its strategic acquisition of Sydney-based fintech GetCape, a business spend management platform. This acquisition signals ANNA’s ambition to create a new SaaS category to take on competitors including Australia’s ‘big four’ banks - ANZ, CommBank, NAB and Westpac - offering expense management and corporate cards designed to save small businesses valuable time and money.
This move marks founder-owned ANNA's first acquisition and first in an international market. With the acquisition of GetCape, ANNA will now have the unique capability to blend corporate card and cash flow management with AI-powered business account management and tax assistance to serve Australia’s estimated 2.5 million small businesses, targeting those with 1-19 employees. The key industries that will benefit are technology, healthcare, professional services, agencies, e-commerce and retail.
GetCape established itself as a leader in the Australian business spend management market, which is valued at more than $USD 21 billion globally and is forecast to grow at an annual rate of 11.9% by 2030 to reach more than $46 billion.
With the acquisition, ANNA will launch a smart business current account and debit card, followed by further products including; invoicing, bookkeeping, tax calculations and tax filings in Australia and the UK over a two-year period.
The expansion signals the first step in UK-based ANNA's goal of supporting small businesses worldwide with its cutting-edge technology and user-friendly platform.
Eduard Panteleev, Co-CEO of ANNA, says: "This acquisition is a monumental step in our journey and we’re so excited to be joining Australia’s dynamic startup landscape. Entering the Australian market with GetCape at our side empowers us to bring our award-winning financial services to Australia’s vibrant business community and help them to thrive.”
Brit Ryan Edwards-Pritchard, who lives in Sydney and is Founder and CEO of GetCape, will stay on in the newly created role of CEO of ANNA Money Australia. He comments, "Joining forces with ANNA is a huge step forward - integrating our software IP with their trusted platform means we can create the ultimate B2B payments solution. This will all be delivered via a best-in-class 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.”
About GetCape
Founded in 2020, GetCape is an Australian business spend management platform that issues corporate cards designed to help companies strengthen their cash flow. It provides businesses with full visibility and control over purchasing to cut wasteful spending and the time taken on financial administration work related to expense management. In 2022 GetCape launched a free corporate card with 0% FX fees on the front end, powered by real-time expense management software. GetCape was one of three Australian startups selected from 3,000 global applications to take part in 2023’s TechCrunch Startup Battlefield event at Disrupt in San Francisco. Cape was awarded 'Most Innovative Expense Management Software Developer' at Wealth & Finance 2023 Global Fintech Awards.
