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Cape Announces Principal Membership Partnership With Mastercard Ahead of Beta Launch

Cape announces Principal Membership partnership with Mastercard ahead of Beta launch | Fintech Finance

Cape, the Spend Management and Corporate Card issuing platform focussed on helping businesses spend less money, announced the start of a new multi-year strategic partnership as a Principal Member with Mastercard.

As a Principal Member, Cape will be able to issue Business Credit Cards directly to its SME customers whilst settling payments directly with Mastercard on behalf of their merchants.

The partnership will see the two companies work together to deliver industry leading card management features, embedded instant access to working capital, and innovative payments functionality on top of the Cape platform. 52% of Australia’s SMEs have rapidly developing needs having moved operations online over the course of the pandemic and these new features will equip businesses with the tools they need to succeed.

Cape will look to maximize opportunities across the Mastercard network to continue to build innovative digital solutions that deliver the same fast and frictionless payments experience for consumers to corporate customers.

Ryan Edwards-Pritchard, CEO of Cape, commented: “We’re committed to reinventing the way that companies manage their spend and cashflow with the initial launch of our business credit card. We’re aiming to make expense management processes more efficient, less painful and ultimately helping them save money by cutting wasteful spending. The Principal Membership really is testament to that mission and to the hard work of our talented unstoppable team in achieving an incredibly exciting milestone so early on in our journey. It also means our customers will be able to cut even more costs as we’ll be passing on the savings of being a Principal Member to them.”

Dan Martin Vice President, Business Development, Australia, Mastercard added: “Mastercard is committed to working with partners to deliver innovative digital solutions that enhance the way SMEs do business. It’s exciting to bring this to life through the partnership with Cape, to provide small businesses and their finance teams with access to Mastercard’s global acceptance network. This will ensure they can gain full control of and strengthen their cash flow, to allow them to thrive.”

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