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NAB Ventures has led a $6 million investment into a new fintech platform designed to streamline banking, accounting and tax for SMEs.
The “all-in-one” financial management platform, Thriday, has secured funding from both NAB Ventures and Lempriere Capital following its $3 million crowdfunding campaign launched in March 2021.
The platform has recently opened to the public for sole traders with over 11,000 SMEs on its access waitlist. Thriday features automated functions for banking, accounting, and tax for SMEs, and has reportedly received large demand after recently progressing through its beta mode.
Thriday also features services such as expense management, invoicing, tax forecasting, and BAS lodgement, while utilising AI and machine learning designed for the platform to “run on autopilot” for the purpose of saving business owners time when it comes to managing their financial affairs.
Thriday co-founder and chief executive Michael Nuciforo said that the platform’s purpose was to simplify the lives of small-business owners and that this is an exciting stage for the business.
“By combining banking, accounting and tax into one solution, we’ve built the first all-in-one financial management platform, fundamentally redesigning how small businesses manage their financial admin and saving them hours each week,” Mr Nuciforo said.
“This is a ground-breaking new category of product.”
NAB group executive, business and private banking, Andrew Irvine added: “Time is gold for small business owners — especially when it comes to managing finances.
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“As Australia’s leading business bank, we have deep customer relationships and we’re always looking at how we can be easy to deal with.
“Working with Thriday, we can speed things up for small business and ultimately save them time — this is a great fit for NAB Ventures and we’re looking forward to working with the founders on their journey.”
Thriday co-founder and COO Ben Winford said that they were impressed with NAB Ventures’ “knowledge about the gap in the market that exists for SMEs today.”
“NAB Ventures have backed some of Australia’s fastest growing fintechs, and we feel honoured to join their portfolio of startups. We can’t wait to scale our platform to SMEs nationwide,” Mr Winford concluded.
This news follows the launch of a fintech lender, Outfund, which opened up to the broker channel after also completing a successful capital raise in August 2022.
Outfund specialises in revenue-sharing finance and connects to SMEs’ payment processors (PayPal, Shopify, Stripe, etc) to review revenue history and make a predictive model of where their revenue will be.
[RELATED: New SME lender launches into broker channel]
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