How UNO partnered with Cape to save on FX fees, cut wasteful purchasing and steamline financial operations

Phoebe Fordham
August 22, 2023

Who is UNO Home Loans

UNO Home Loans is a leading Australian online mortgage broker that combines unparalleled service with technology to streamline the entire process of getting and having a home loan so time poor customers can save time, hassle and money for the entire time you have a home loan.

Hidden FX Fees and unfair exchange rates when paying SaaS Subscriptions

UNO had previously spread the monthly billing of their 25+ SaaS Subscriptions onto a legacy American corporate credit card and an incumbent domestic business current account bank provider.

"Being a Fintech ourselves, we take great pride in paying particularly close attention to the true cost of payments and the fees charge by banks and other Fintechs that we work with.
We've seen other providers offer supposed "free" FX or low fixed fees of $5, but when you take into consideration the inflated exchange rates they've built in, it often equates to being charged up to 7%. ~ Vincent Turner CEO, Founder @ UNO.

The issue was that the majority of UNO recurring monthly subscriptions were charged in a foreign currency, predominantly USD, and both of their original card providers would not easily provide transparency around the exact exchange rate and fees they were charging them every month.

No spend management software created cumbersome reconciliation processing for closing their books

On top of that, with using multiple accounts the lack of consolidation of their spending made expense management daunting, month close time-consuming and overall cash flow management lacking visibility. 

When Vincent looked at alternative spend management providers, he also needed to factor in the working capital fluctuations created by lenders on their panel settling invoices after successful loan completions. 

The card programs offered by alternative suppliers were for prepaid and debit, which lacked the built-in working capital solution UNO needed and further splintered their finances across multiple platforms.

The Solution

Greater control over cashflow and an ability to save money

With Cape, UNO has been able to successfully take control of their cashflow through flexible payment terms, whilst also saving thousands of dollars in hidden and unnecessary FX fees by switching to Cape.

“We're always looking for opportunities to reduce our burn rate where we have unneccessary hidden fees and costs.

With a single consolidated system, UNO has been able to roll out a formal card program and standardize their month close process.

Our operational spend month to month is relatively repetitive in nature as its mostly recurring SaaS subscriptions. With Cape we've been able to use thier spend controls to put guardrails in place to cut wasteful spending from happening as it's meant we have more granular controls around the types of merchants that we have approved to spend with, as well as the dollar size and number of transactions that can occur at any time.
It means we no longer have any nasta 'gotcha' moments when we look through what payments have been processed at the end of each month such as cloud costs or out of expense policy employee purchases. ~ Vincent Turner CEO, Founder @ UNO.

Want to save time and money with Cape like Aurabox? Get started here.

Phoebe Fordham
August 22, 2023