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September 17 2020

Ex-Funding Options and Funding Circle alumni launch credit card fintech

Marc Shoffman Global News, Industry News, News, Top 3 Cape, credit card, Funding Circle, Funding Options, Ryan Edwards-Pritchard, Steve Martin

A former Funding Options executive has teamed up with Funding Circle’s first engineer to launch a new open banking-powered credit card in Australia.

Ryan Edwards-Pritchard, former managing director at business finance aggregator Funding Options, Edo Omoniyi, formerly of consultancy 11:FS and Steve Martin, who was Funding Circle’s first in-house engineer, have launched a new fintech-style corporate credit card.

Designed by Australia-based fintech firm Cape, the card is set to launch in February 2021 and provide open banking tools to help firms better manage their cash flow whilst accessing finance to invest in their growth.

It will feature live credit file management, performance forecasts, a buy now pay later option and flexible access to credit with repayments linked to revenue.

Read more: Zopa Bank opens for credit card applications

Read more: Funding Options launches in the Netherlands

“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,” Edwards-Pritchard said.

“Accessing working capital in the early stages to fund growth is essential but without the right support, many of our small- and medium-sized enterprises (SMEs) will fail over the coming months and years.

“That is why we have designed our solution  to help small businesses in the digital community have access to much-needed resources when they need it – not when their bank says they can.

“Cape’s first product is designed to be more convenient for start-up founders who are searching for a more manageable and tailored alternative to a bank loan, equity investment or personal credit card.”

Read more: Plenti unveils details of AUS$55m IPO

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