Cape Partners with Thredd to Power Its Expansion in the Face of Challenging Economic Conditions
Cape, the leading Australian expense management platform issuing business credit cards, has selected Thredd as its corporate card processor to support Cape's expansion as they move from their Beta solution to Public Launch later in the year. This strategic alliance comes at a critical time as businesses face the challenges of end-of-financial-year reconciliation, record inflation, rising interest rates, and mounting cost-of-living pressures. Thredd's robust payment solutions will help Cape's customers navigate these difficulties and drive growth and efficiency.
Founded in Sydney two years ago, Cape has rapidly emerged as a disruptive force in the Australian B2B space, revolutionising expense management processes to help businesses spend smarter, unlock cash flow, and improve efficiency. With the recent exit of Thredd’s competitors in RailsR and Marqeta from the Australian market, Cape's survival and selection of Thredd as its payments issuer processor is a testament to its resilience and commitment to providing the best services to its clients, including CFOs and business leaders, from SMEs country-wide.
Many of Cape's early customers are fellow startups and scaleups that experienced significant growth in 2022, collectively raising over AUS $500 million. These businesses require a scalable payment solution that can address their evolving needs in the midst of volatile economic conditions, including secure payments, virtual corporate cards, international transaction capabilities, and innovative technologies to enhance their payment processes, policies, and overall operations. By adopting Thredd's cutting-edge issuer processing technology, Cape is better equipped to serve its customers and prepare for its next phase of global growth and innovation.
Damien Gough, Head of Asia-Pacific at Thredd, expressed enthusiasm about the collaboration, stating, “Cape is an exciting fintech tackling cash flow challenges from a different angle. They are solving a well-known pain point for businesses by digitising the entire expense management process, from cards, receipts, accounting, and reporting. Cape is digitising and optimising company spend.”
“Getting access to financing for small business has always been a hurdle, and credit cards when used responsibly with seamless controls and integration to accounting software are a game changer. Now more than ever businesses and corporates of all sizes need to tightly track and manage their teams’ expenses with real-time insights, controls, and limits.”
Damien added: “We are excited to partner with Cape who are leveraging our underlying payments technology and experienced team in-region, to swiftly scale their needed products across Asia-Pacific. In partnership, we are solving real-world challenges to help businesses carefully manage and optimise their cash-flow with advanced digital tools.”
Ryan Edwards-Pritchard, CEO & Founder of Cape, echoed the excitement about the partnership, "We’re thrilled to be collaborating with Thredd who we selected as we believe they are the ideal partner to help us get to market and scale quickly. Their open API modern platform and advanced analytics is unparalleled providing unprecedented control for rapidly growing fintechs in Asia-Pacific such as Cape. Their cloud-based tech allows us to issue cards to our customers that are highly configurable with dynamic card controls, allowing for streamlined purchase flows and reducing fraud risk."
Edwards-Pritchard added, "2022 was a foundationary year for Cape as we raised a $ 3.1 million Pre-Seed to fund our development and onboarded our first set of early adopters. As the shift towards digital payments accelerates across Asia-Pacific, business demand for reloadable cards for employees, seamless overseas transactions, automated payment workflows, and reducing fraud, will continue to rise exponentially, driving demand for next-gen expense management tech like Cape. We are optimistic for continued growth in 2023 as we branch out into new markets."
Thredd is the new name of Global Processing Services (GPS). The company rebranded as Thredd in April 2023 to reflect the company’s pivotal role in weaving together the different ‘threads’ of the next-gen global payments ecosystem to fuel the growth of electronic payments. With a new leadership team comprising of industry veterans coupled with the backing of future-focused investors, this rebranding marks the next phase of customer partnership and product innovation to bring the aspirations of innovative payments visionaries to life.
About Cape:
Cape’s expense management software actively streamlines and automates company finances so you can power up your payments, policies, and people. It’s an all-in-one platform to spend smarter, cut wasteful purchasing, crunch numbers less, and boost business more.
Access capital, build budgets, set spend controls, issue your entire team with corporate cards, capture and store receipts, and automate payment to ledger with cloud accounting integrations.
As a leading expense management platform and corporate card provider based in Australia, we help businesses streamline their expense management processes, save time and money, and gain greater control over their finances. For more information, visit https://www.getcape.io/
About Thredd:
Thredd is the trusted next-gen payments processing partner for innovators looking to modernise their payments offerings worldwide. We process billions of debit, prepaid, and credit transactions annually, serving over 100 fintechs, digital banks, and embedded finance providers, from consumer to corporate, across 44 countries.
Thredd’s unique offering is its client-centric approach combining hands-on support with modern, reliable, and scalable technology. Thredd’s assured solution accelerates the development and delivery of consumer and corporate payments components embedded within digital banks, as well as for expense management, B2B payments, crypto, lending, credit, Buy Now Pay Later (“BNPL”), FX, remittance, and open banking innovators.By partnering with our clients from concept to creation with our easily configurable solutions, we allow these leaders the agility to achieve their core business aspirations.
Thredd has enabled market leaders since 2007 and has a highly reliable platform with 99.99% availability. Thredd’s highly customisable solutions on our API-first platform, surrounded by our in-depth industry expertise, value added services, global presence, and technical resilience, are designed to scale with ease. Thredd is certified by Visa and Mastercard to process transactions globally.
The company has branded offices in London, Newcastle, Singapore, and Sydney, with remote colleagues based all over the world.
