Thrive is almost ready to launch a new small business banking account for Australian small- to mid-size businesses (SMBs), according to a report from AltFi, which will help make banking and accounting easier.
CEO Michael Nuciforo described the service as a “CFO in your pocket.”
“People start a business to control their own destiny, but the reality is they become a slave to financial admin,” he said, according to AltFi.
Thrive will launch with features like automated spend categorization, reconciliation, cashflow forecasting and tax predictions, AltFi reports.
“For every sale, there is an invoice to fill, a staff member to pay and an expense to be reconciled. In fact, small businesses spend over 42 days a year on financial admin,” Nuciforo said, according to the report. “Our mission is to end that.”
Thrive was founded in 2019 and currently has over 7,000 customers. It also announced a partnership with Mastercard recently. As the FinTech doesn’t have a banking license, it plans to provide customers with an account from an existing registered bank. Because of that, deposits will be protected by the country’s Financial Claims Scheme of up to $250,000 per person.
The business banking landscape has been given a jolt by the pandemic, PYMNTS writes, and one thing that has come of that is non-banks have begun dabbling in the world of business banking, utilizing technology to embed their current operations with bank functionality. This, according to Arjun Thyagarajan, co-founder and CEO of Wise, in a conversation with PYMNTS, allows them to open up new revenue streams, and can allow for a better, richer layer of user engagement.
In addition, the user experience becomes more multifaceted with the addition of payment options alongside the banking ones under the umbrella of a digital ecosystem or SaaS provider.
Thyagarajan said the option of having banking seamlessly involved with the ecosystems can help to foster better financial health overall.