We're excited to announce a new partnership with the first modern processor in the APAC region to have entire end-to-end cloud processing capability in GPS. The partnership will power Cape’s B2B payments at scale as we prepare for public launch and expand beyond Australia.
Despite its challenges in recent years with pandemic-driven bans on imports and exports, B2B payments are growing at an exciting pace. This is primarily due to the booming ‘subscription economy,’ which has a compound annual growth rate of 25%. The average business with 10 to 250 employees has a staggering 67 SaaS subscriptions and spends $462k annually on these tools.
This growth also means business payments have seen an increase in fraud. As a result, companies are seeking simpler and more secure ways to transact, such as digital payments. While the adoption of digital B2B payments is sitting at just 33%, this number is predicted to grow in the near future.
The shift towards digital payments has made virtual card products increasingly important for businesses. Virtual corporate cards come with innovations such as providing employees with reloadable cards, seamless overseas transactions, automated payment workflows, and reducing fraud - with only 3% of virtual card payments targeted with fraud.
Many of our early adopters are growing rapidly and have collectively raised over $450m. They require a robust payment solution that can scale, including secure payments, virtual corporate cards, international transaction capabilities, and a range of new-to-market technology that will power up their payments, policies, and people. Adopting GPS technology will help us better serve these customers and prepare for the next phase of growth and innovation on a global scale, given GPS’s coverage across the APAC region.
Ryan Edwards-Pritchard, CEO & Founder at Cape
“We’re thrilled to be working with GPS. Cape’s all-in-one finance automation platform is built from the ground up to help modern businesses automate repetitive finance tasks and squeeze more out of every dollar.
Through GPS, we can provide our customers with complete control over how their on-site, remote, and hybrid employees utilise company funds with guardrails built into their corporate cards.
This includes merchant categorisation controls that ensure cards are only used at or blocked from specific industries and merchants, calendar and time toggles to control when purchases can happen, as well as velocity restrictions around the number of payments in a date range and amount of funds available to spend through a card.
Rather than incentivise our customers to spend more money to earn points, Cape focuses on finding ways to help them cut wasteful purchasing, so they spend less and reduce their burn rate.
Picking GPS as a partner was an easy choice - their modern platform for developers is unparalleled. Alongside the expertise and knowledge they bring to the table, they are the ideal partner to help us get to market and scale quickly.”