PriyaPatel
TLDR:
- ANNA acquires GetCape, an Australian fintech business spend management platform.
- ANNA aims to create a new SaaS category to compete with Australia’s big four banks.
ANNA, a UK-based fintech, has announced the acquisition of GetCape, a Sydney-based business spend management platform, as part of its strategy to challenge Australia’s major banks. By acquiring GetCape, ANNA plans to offer expense management and corporate cards tailored for small businesses in industries such as technology, healthcare, professional services, agencies, e-commerce, and retail. This move marks ANNA’s first acquisition, positioning them to blend corporate management with AI-powered business account management for Australia’s 2.5 million small businesses.
With the acquisition, ANNA plans to launch a smart business current account and debit card, followed by additional products like invoicing, bookkeeping, tax calculations, and tax filing in both Australia and the UK. This expansion demonstrates ANNA’s commitment to supporting small businesses globally. The founder of ANNA, Eduard Panteleev, expressed excitement about entering the Australian market through this strategic acquisition.
Ryan Edwards-Pritchard, the founder of GetCape, will continue as the CEO of ANNA Money Australia, highlighting the joint efforts to deliver a comprehensive B2B payments solution powered by AI and a ChatGPT-style assistant. GetCape, founded in 2020, focuses on providing corporate cards to help businesses manage their expenses efficiently and strengthen cash flow. The integration of GetCape’s software IP with ANNA’s platform aims to empower business owners with a finance team in their pocket.
The acquisition is a significant step for both ANNA and GetCape, aligning their goals of revolutionizing financial services for small businesses. With ANNA’s expertise in innovative financial solutions and GetCape’s strong presence in the Australian market, the collaboration aims to disrupt traditional banking methods and offer tailored financial services to small businesses globally.
