- Acquisition Announcement: UK fintech Anna Money has acquired Australian business spend management platform GetCape (Cape) for an undisclosed sum.
- Strategic Move: This acquisition marks Anna Money’s first since its establishment in 2017 and aims to enhance its AI-powered business account and tax app by integrating GetCape’s corporate card and expense management software.
- Market Expansion: Anna Money plans to leverage GetCape’s solutions to strengthen its offering in the UK market while also driving its expansion into the Australian market.
- New Product Category: The combined entity aims to create a new Software-as-a-Service (SaaS) category to compete with Australia’s major banks, providing expense management and corporate cards tailored for small businesses to save time and money.
- Product Roadmap: Anna Money intends to introduce a smart business current account and debit card in both markets, followed by credit cards for its UK customer base. Additionally, it plans to launch products in invoicing, bookkeeping, tax calculations, and tax filing over two years.
- Business Unit Establishment: A new business unit named Anna Money Australia will be established to support its operations in Australia, with Ryan Edwards-Pritchard, GetCape’s founder and CEO, serving as CEO of the unit.
- Innovative Approach: The combined businesses aim to deliver B2B payment solutions through a ChatGPT-style AI assistant, providing business owners with the capabilities of a finance team without the need for additional headcount.
- Background on GetCape: Founded in 2020 in Sydney by Ryan Edwards-Pritchard, GetCape raised $33.1 million in 2022 and employed 18 people at the time of the acquisition.
