Ex-Funding Options, 11:FS and Funding Circle trio to launch SME credit card in Australia

New Australian fintech on the block Cape is gearing up to launch a “recession-fighting” credit card for SMEs in early 2021.

The card will be powered by open banking and will allow businesses to manage their cash flow through live file management, access buy-now-pay-later finance and make revenue-based repayments.

Based in Sydney, the fintech is hoping to launch the new account in February 2021 to tap into the 2.1m-strong Australian SME market.

Ryan Edwards-Pritchard, CEO and co-founder of Cape, said: “We know already from our work in the fintech and digital sectors that businesses are facing hurdles when it comes to accessing credit having been locked out of business lending, equity investments or simply are nervous about external finance in the current climate.”

“Accessing working capital in the early stages to fund growth is essential but without the right support, many of our SME’s will fail over the coming months and years. Their ambition, energy & creativity extinguished, along with reduced consumer choice and countless jobs.“

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Source: Ex-Funding Options, 11:FS and Funding Circle trio to launch SME credit card in Australia – AltFi