NAB Ventures leads $6 million investment in fintech platform Thriday
Thiriday, the all-in-one financial management platform, is taking another leap on its mission to become the fastest way for SMBs to manage banking, accounting and tax with a round of around $6 million pre-Series A round led by NAB Ventures and significant participation from existing investor Lempriere Capital. This funding round follows Thriday’s record-breaking $3 million crowdfunding campaign in March 2021.
Thiriday, which recently opened to the public for sole proprietorships, has over 11,000 small businesses on its waiting list and has developed a unique product that automates banking, accounting and tax for small and medium-sized businesses. After going through beta mode recently, Thriday has seen strong demand from businesses across Australia.
Michael Nuciforo, Threeday’s co-founder and CEO, explained that it was an exciting phase for the business.
“We created Thriday to simplify the lives of small business owners. By combining banking, accounting and tax into one solution, we’ve built the first all-in-one financial management platform that fundamentally redesigns how small businesses manage their financial admin and save them hours every week. This is a ground-breaking new product category,” said Nuciforo.
Australia’s 2.3 million small and medium-sized businesses employ over half of the country’s workforce and account for a third of GDP. As a result, they are burdened by the significant amount of time and expense involved in managing their finances. Research conducted by Thriday highlighted that financial management was the most disliked activity in running a business, with business owners wasting over 42 days a year managing their financial affairs.
Thiriday solves this problem by combining a smart business account with value-added services such as expense management, invoicing, tax forecasting, BAS filing and more. Using AI and machine learning, these tools are designed to run on autopilot, reclaiming time for busy business owners and making it easy for them to stay in control of their financial destiny.
NAB Group Executive, Business and Private Banking, Andrew Irvine added: “Time is gold for small business owners – especially when it comes to managing finances. As Australia’s leading commercial bank, we have deep customer relationships and we are always looking at how we can be easy to By partnering with Thriday, we can speed things up for small businesses and ultimately save them time – a great fit for NAB Ventures, and we look forward to working with the founders on their journey.”
Thriday Co-Founder and COO Ben Winford added: “We were really impressed with NAB Ventures’ knowledge of the gap in the market that exists for SMEs today. NAB Ventures has backed some of Australia’s fastest growing fintechs and we feel honored to be in their portfolio of startups. We can’t wait to scale our platform to SMBs across the country.”
About Friday
Thiriday (www.thriday.com.au) has completely reimagined how businesses should manage their money, creating a unique product that uses artificial intelligence to automate banking, accounting and tax for small and medium businesses. Acting as a CFO in your pocket, Thiriday takes care of everything a business needs.
