Expense Management startup Cape raises $33.1m to simplify spending control systems & eliminate expense reports
Summary
Meet Cape, a new Australian startup that offers an Expense Management platform issuing corporate charge cards, primarily focused on helping their business customers spend smarter and save time as opposed to generating a quick buck from them. Cape announced a $33.1m raise today, with funding from Aura Ventures, Investible, Scalare Partners, Mercury Capital and 15 business angels, including Stripe’s APAC Head of Startup practice, the founder of legaltech platform LegalVision & a handful of early Atlassian employees. Expense management is a famously frustrating area of technology with broken processes that see employees continuously having to carry the burden of footing the bill for company purchases made on their personal card, usually because getting it through the corporate provided system is too much hassle. Founder Ryan Edwards-Pritchard’s built Cape with the mission to help businesses unlock expense nirvana by saving time on financial administration work and cutting money associated with wasteful spending by creating a smoother system for employees and employers to operate with a single streamlined workflow on a unified platform. Being one of the first in this geography with their model, Cape is focused on building a powerful software suite around their products, enticing customers in with digital tools built around spend itself, helping companies manage and limit their cash outflows.