UK business and tax app Anna.Money has strategically acquired Sydney-based fintech GetCape, a business spend management platform, as it begins an effort to take on Australia’s ‘big four’ banks, offering expense management and corporate cards.
This acquisition signals Anna.Money’s ambition to create a new SaaS category to take on the likes of ANZ, CommBank, NAB and Westpac, offering services that hope to save small businesses time and money.
Following the acquisition of GetCape, Anna.Money will now look to blend corporate card and cash flow management with AI-powered business account management and tax assistance to serve Australia’s estimated 2.5 million small businesses, targeting those with one to 19 employees. The key industries that will benefit are technology, healthcare, professional services, agencies, e-commerce and retail.
Eduard Panteleev, co-CEO of Anna.Money, commented: “This acquisition is a monumental step in our journey and we’re so excited to be joining Australia’s dynamic startup landscape. Entering the Australian market with GetCape at our side empowers us to bring our award-winning financial services to Australia’s vibrant business community and help them to thrive.”
GetCape established itself as a leader in the Australian business spend management market, which is valued at over $21billion globally and is forecast to grow at an annual rate of 11.9 per cent by 2030 to reach more than $46billion.
Creating the ‘ultimate’ B2B payments solution
With the acquisition, Anna.Money plans to launch a smart business current account and debit card, followed by further products including; invoicing, bookkeeping, tax calculations and tax filings in Australia and the UK over a two-year period.
The expansion signals the first step in UK-based Anna.Money’s goal of supporting small businesses worldwide with its cutting-edge technology and user-friendly platform.
Ryan Edwards-Pritchard, who lives in Sydney and is the founder and CEO of GetCape, will stay on in the newly created role of CEO of ANNA.Money Australia. He also commented: “Joining forces with Anna.Money is a huge step forward – integrating our software IP with their trusted platform means we can create the ultimate B2B payments solution.”
