Cape awarded MVP Grant to kickstart new wave of Open Banking powered business finance tools
Cape, the Corporate Card helping small to medium business (SMBs) take control of their cash-flow, has been awarded a prestigious Minimum Viable Product (MVP) grant by the NSW Government.
The Cape team is improving the operating efficiency and long-term success of growing businesses by automating accounting and helping lower their bills, enabling business owners to get their spend management under control. Cape’s solution utilises Open Banking to help businesses unlock capital to invest in growth, whilst optimising cash flow to save on unnecessary expenditure.
The grant was awarded thanks to Cape’s proposition to build a cash management platform to remove vendor, expense and spend management roadblocks, saving thousands of dollars in the process for business owners.
Cape’s founders said that the grant would go towards securing early-stage growth opportunities for the company, particularly in product development and sales initiatives, as the company seeks to transition out of the pre-revenue stage.
Ryan Edwards-Pritchard, CEO of Cape, commented, “We’re excited to have the support of the NSW government in our mission to help business owners stay on top of their cash and keep their companies healthy. The grant shows how invested the government is in developing the local economy and continuing New South Wales reputation as an active fintech hub.”
Stuart Ayers, Minister for Jobs, Investment, Tourism and Western Sydney Stuart Ayres commented, “It is fantastic to see promising startups such as Cape tap into the NSW Government’s Minimum Viable Product (MVP) grant. The MVP grant is designed to support promising startups like Cape progress from product development to first sales.
Cape is currently gearing up for their launch and will initially go to market with a Rewards platform, before delivering Machine Learning capabilities to streamline receipt and business expense management across supplies, third party services, SAAS subscriptions & payments.