The tie-up is part of Basiq’s Startup Launchpad, which gives early-stage startups access to its technology and the ability to use real-time financial data.
In Cape’s case, the fintech is planning to use this to streamline its customer application, risk analysis and underwriting processes, including instantly verifying identity, account and income information.
The fintech hopes to tap into Australia’s SME market with its Open Banking-powered credit card. Cape’s soon-to-be-released card will allow businesses to manage their cash flow through live file management, access Buy Now, Pay Later finance and make revenue-based repayments.
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