Cape hires ex-MarketFinance risk chief for its Australian launch

Long-serving Funding Circle and MarketFinance chief risk officer Rahul Pakrashi is heading to Australia to join Cape’s founding team.

As a reminder, Cape is planning on launching an SME credit card in early 2021 which will combine credit with expense management, helping small businesses to manage their working capital better.

Pakrashi joined Funding Circle as its first risk hire back in 2012 and grew the team over six years as CRO, he later moved to MarketFinance where he oversaw the lending platform’s integration with Barclays.

Cape’s CEO and co-founder Ryan Edwards-Pritchard said on Pakrashi’s appointment: 

“With decades of experience in the sector and an outstanding track record, Rahul’s appointment is a major coup in our continued mission to re-imagine the Corporate Card to make credit safe and honest, so that our customers can achieve more financial flexibility and peace of mind.”

Given the current pandemic, Cape claims that Australia’s working capital gap is over A$103bn, which their service is looking to close.

The team behind Cape include Edwards-Pritchard, former managing director of Funding Options,Edo Omoniyi, who previously worked as a senior product manager at 11:FS, and Steve Martin, ex-OutFund and Funding Circle’s first Engineer.