- Business banking account ANNA has acquired enterprise spend management platform GetCape. Terms were not disclosed.
- The acquisition is ANNA’s first and marks the U.K.-based fintech’s entry into the Australian market.
- ANNA made its Finovate debut at FinovateEurope 2020 in Berlin, Germany.
Business banking account ANNA has acquired GetCape, a business spend management platform based in Sydney, Australia. Terms of the transaction were not disclosed. The acquisition, ANNA’s first, will further the company’s goal of creating a new SaaS category that competes with Australia’s “Big Four” banks for market share in the expense management and corporate card business.
“This acquisition is a monumental step in our journey and we’re so excited to be joining Australia’s dynamic startup landscape,” ANNA co-CEO Eduard Panteleev said. “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.”
Awarded “Most Innovative Expense Management Software Developer” at the Wealth & Finance 2023 Global Fintech Awards, GetCape is an Australian business spend management platform that issues corporate cards to help businesses better manage their cash flow. GetCape’s technology gives companies complete visibility and control over business purchases, enabling them to spot and eliminate wasteful spending and become more efficient in their spend management.
Ryan Edwards-Pritchard, who founded GetCape in 2020 and will serve in the new role of CEO of ANNA Money Australia, called the acquisition a “huge step forward.” He noted, “integrating our software IP with their trusted platform means we can create the ultimate B2B payments solution. This will all be delivered via a best-in-class ChatGPT-style AI assistant that provides business owners with the power of a finance team in the palm of their hand, just without the unnecessary headcount.”
Headquartered in the U.K., ANNA made its Finovate debut at FinovateEurope 2020 in Berlin, Germany. At the conference, the company demoed its Automated Tax Calculation solution which sorts self-assessment and VAT returns, automatically categorizing and reconciling expenses, and calculating VAT and tax in real time. The app also completes and submits tax and VAT returns to HMRC (HM Revenue & Customs) with support from a certified accountant.
In addition to its newly-announced partnership with GetCape, ANNA also recently teamed up with embedded finance and payment solutions provider Sonovate. In February, ANNA unveiled its new expense card which provides perks such as low-cost travel and improved cashback offers.