Thriday and NAB
Thriday, the trailblazing all-in-one financial management platform, has taken another significant leap in its mission to become the go-to solution for SMEs to streamline their banking, accounting, and tax processes. The company secured approximately $6 million in a pre-Series A funding round. NAB Ventures, a strategic move that signals a strong endorsement of Thriday's vision, led the investment, which included substantial participation from an existing investor, Lempriere Capital. The funding round follows Thriday's remarkable achievement in March 2021 when they conducted a record-breaking $3 million crowdfunding campaign.
Thriday's Unique Value Proposition
The Thriday team has developed a pioneering product that automates the intricate tasks of banking, accounting, and tax management for small-to-medium businesses, simplifying their financial administrative burdens. Having launched in October 2022, Thriday is experiencing a surge in demand from businesses all across Australia. This surge can be attributed to the company's commitment to simplifying the lives of small business owners. By consolidating banking, accounting, and tax into a single, integrated solution, Thriday has introduced a groundbreaking new product category, fundamentally revolutionising how small businesses handle their financial responsibilities.
Addressing a Widespread Problem
Small-to-medium-sized businesses play a crucial role in the Australian economy, employing over half of the country's workforce and contributing significantly to the GDP. However, the management of finances often becomes a burdensome and time-consuming task for these businesses. Research conducted by Thriday revealed that financial administration was the most disliked activity for business owners, and on average, they squander over 42 days each year grappling with financial affairs.
Thriday has stepped in to tackle this pressing issue head-on. The platform combines a smart business account with value-added services such as expense management, invoicing, tax forecasting, and BAS lodgement. These tools are powered by cutting-edge AI and machine learning, allowing them to operate on autopilot. In doing so, Thriday not only reclaims precious time for busy business owners but also empowers them to regain control of their financial destiny.
NAB Ventures' Strategic Investment
NAB Group Executive, Business and Private Banking, Andrew Irvine, expressed enthusiasm about the partnership with Thriday and emphasised the importance of time for small business owners, particularly in managing their finances. As one of Australia's leading business banks, NAB recognises the value of simplifying financial processes for its customers. Partnering with Thriday allows them to expedite financial management for small businesses, ultimately saving them precious time.
Ben Winford, Co-founder & COO of Thriday, also lauded NAB Ventures' understanding of the SME market gap. He noted that NAB Ventures has a successful track record of supporting Australia's fastest-growing fintech companies, making Thriday's inclusion in their portfolio a significant honour.
Thriday's recent funding success and partnership with NAB Ventures mark an exciting chapter in fintech. As Thriday continues to innovate and expand, it promises to transform how small businesses across Australia handle their financial affairs. Stay tuned for more updates on this remarkable journey towards financial empowerment for SMEs.