By Oliver Smith on Thursday 24 March 2022
The raise puts an $18m valuation on the two-year-old fintech.
Australian expenses management platform and credit provider Cape has raised $3.1m in equity and secured a $30m debt facility as part of its latest funding round.
The equity raise was led by Investible, Scalare Partners, Mercury Capital and 15 other business angels, while the debt came from Aura Ventures.
Today the fintech has 18 employees and Edwards-Pritchard said the additional cash would now be used to double its headcount with a particular focus on engineers and product specialists.
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.