UK business accounting app ANNA enters Australia with acquisition

UK-based small business accounting and tax app ANNA has acquired Australian fintech GetCape, with a view to “taking on” the country’s biggest banks.

AI-powered ANNA’s acquisition of business spend management platform GetCape will see it create a new Software-as-a-Service category to compete with the four largest banks in Australia – Westpac, ANZ, Commbank and National Australia Bank.

The new offering will provide Australia’s estimated 2.5 million small businesses with expense management and corporate cards, with those in industries including healthcare, professional services, ecommerce and retail most likely to benefit.

ANNA will initially launch a smart business current account and debit card, followed by products including invoicing, bookkeeping, tax calculations and tax filing in Australia and the UK, rolled out over a two-year period.

The Australian business spend management market is valued at more than $21 billion globally, according to ANNA.

Eduard Panteleev, co-chief executive officer of ANNA, said: “This acquisition is a monumental step in our journey and we’re so excited to be joining Australia’s dynamic startup landscape.

“Entering the Australian market with GetCape at our side empowers us to bring our award-winning financial services to Australia’s vibrant business community and help them to thrive.”

Ryan Edwards-Pritchard, GetCape’s founder and chief executive officer, will stay on in the newly-created role of chief executive officer of ANNA Money Australia.

He added: “Joining forces with ANNA Money is a huge step forward – integrating our software IP with their trusted platform means we can create the ultimate B2B payments solution.

“This will all be delivered via a best-in-class ChatGPT-style AI assistant that provides business owners with the power of a finance team in the palm of their hand, just without the unnecessary headcount.”