Australian fintech Cape teams up with Basiq for open banking underwriting

Sydney-based fintech Cape, which is currently beta-testing its corporate credit cards, has partnered with Australian open banking provider Basiq.

The tie-up is part of Basiq’s Startup Launchpad, which gives early-stage startups access to its technology and the ability to use real-time financial data.

In Cape’s case, the fintech is planning to use this to streamline its customer application, risk analysis and underwriting processes, including instantly verifying identity, account and income information.

“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,” said Cape CEO and founder Ryan Edwards-Pritchard.

“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.”

Cape first came out of stealth in September 2020 and was founded by Edwards-Pritchard, former managing director of Funding Options, and earlier this year hired Tanya Ward from credit provider Pepper Money as its first CFO.

The fintech hopes to tap into Australia’s 2.1m-strong SME market with its now open banking-powered credit card.

Cape’s soon-to-be-released card will allow businesses to manage their cash flow through live file management, access buy-now-pay-later finance and make revenue-based repayments. 

Read more:Cape bags Australian government grant to accelerate growth