Cape and Basiq join forces to speed up SME access to credit and spend management tools through Open Banking
Cape joins as a flagship partner of Basiq’s newly-released Startup Launchpad program Sydney, 15th of September, 2021: Cape, the spend management platform issuing corporate cards, and CDR accredited Open Banking platform Basiq have today announced a new partnership to accelerate SME access to credit and tools to help them save time and money. Cape has joined as an exclusive flagship partner of Basiq’s newly-released Startup Launchpad. The program supports fintech innovators on their journey to scale, by helping qualifying early-stage startups access real-time financial data and access to Basiq’s suite of products for free. Integrating Basiq’s Open Banking technology into the Cape application and risk analysis process will allow prospective SME borrowers to seamlessly connect their business currentaccount to instantly verify their identity, account and income information with Cape. They plan to eliminate the need for customers to manually enter any details or send additional documentation to Cape, saving time and improving the customer experience. The partnership will also allow Cape’s customers to benefit from Basiq’s Open Banking technology by increasing the accuracy of the underwriting process by using real-time financial data. Damir Ćuća, Founder & CEO, Basiq, commented: “We’re proud to announce Cape as our flagship partner on the Startup Launchpad and look forward to seeing their journey. Basiq’s ability to verify account and transaction data in real-time will streamline the onboarding process for Cape’s business customers, as we work together to re-design business spending. This will set the standard for how all alternative finance lenders and banks can enhance the customer experience by utilising Open Banking technology to convert analogue processes to seamless digital journeys.” Ryan Edwards-Pritchard, Founder & CEO, Cape, commented: “We start as we mean to go on, 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. It also reduces the administrative burden on businesses when applying for credit or a change of terms. When looking for an Open Banking partner, Basiq was a clear favourite given they are the leading Australian open banking platform and a strong supporter of startups.”
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About Cape Cape is building APAC’s first spend management platform that issues virtual corporate cards designed to help companies strengthen their cash flow. Cape provides businesses with full visibility and control on purchasing to cut wasteful spending and the time taken on financial administration work relating to expense management. Cape will be launching its business credit card in the coming months. Founders, CFO’s & Accountants interested in learning more should download the Cape waitlist App from the Apple App Store & Android Playstore. www.hellocape.com About BasiqBasiq is a CDR-accredited Open Banking platform that provides the building blocks of financial services. Our APIs enable secure access to customer financial data and tools to uncover valuable insights. Backed by AP Ventures, Salesforce Ventures, Reinventure, NAB Ventures and Plaid, over 200 fintechs and banks rely on our platform to deliver innovative financial solutions across lending, payments, wealth, digital banking and more. https://basiq.io Media contactRyan Edwards-Pritchard, ryan@hellocape.com, +61 (0)406 252 332