Fintech start-up Cape partners with open banking provider Basiq

Sydney-based fintech Cape, which is currently in beta-test with its corporate credit cards, has announced a partnership with Australian open banking provider Basiq.

Cape will become part of Basiq’s new Start-up Launchpad, which gives start-ups access to its technology and real-time financial data.

Cape is currently in beta-test with its corporate credit cards

Cape’s application and risk analysis processes will be integrated with Basiq’s open banking technology. This will allow SME borrowers to connect their bank accounts to instantly verify their identity, account and income information with Cape.

Cape founder and CEO Ryan Edwards-Pritchard says: “Our partnership with Basiq will help make it easier and faster for future customers to apply for our Cape products digitally. Open banking technology offers a way to radically speed up the digital application process by offering instant decisions and personalised products.”

Edwards-Pritchard says the approach will reduce the administrative burden on businesses when applying for credit or a change of terms.

Basiq founder and CEO Damir Ćuća says the firms will “work together to re-design business spending”, adding: “Open banking can hugely enhance the customer experience and will set the standard for all alternative finance lenders and banks going forward.”

Cape’s cards will allow SMEs to manage their cash flows through live file management, access buy-now-pay-later finance and make revenue-based repayments.