National Australia Bank : NAB Ventures leads $6 million investment in fintech platform Thriday

The team at Thriday (Row 1: Michael Nuciforo, Row 2: Jana Salt, Jaala Alex, Ruchita Pargunde, Row 3: Warren More, Ben Winford)

Thriday, the all-in-one financial management platform, takes another leap on its mission to become the fastest way for SMEs to manage their banking, accounting, and tax with a circa $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.

Thriday, which recently opened to the public for sole traders, has over 11,000 small businesses on its access waitlist and has developed a unique product that automates banking, accounting, and tax for small-to-medium businesses. After recently progressing through Beta mode, Thriday has seen huge demand from businesses across Australia.

Michael Nuciforo, Thriday Co-founder & CEO, explained that it was an exciting stage 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, fundamentally redesigning how small businesses manage their financial admin and saving them hours each week. This is a ground-breaking new category of product," Mr Nuciforo said.

Australia's 2.3 million small-to-medium businesses employ over half the country's workforce and account for a third of GDP. As a result, they are burdened by the significant amount of time and cost involved in managing their finances. Research conducted by Thriday highlighted that financial admin was the most disliked activity in running a business and that business owners waste over 42 days a year in managing their financial affairs.

Thriday solves this problem by combining a smart business account with value-added services like expense management, invoicing, tax forecasting, BAS lodgement and more. Using AI and machine learning, these tools are designed to run on autopilot, winning back 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 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 & COO Ben Winford added: "We were really 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."

About Thriday

Thriday (www.thriday.com.au) has totally reimagined how businesses should manage their money, creating a unique product that uses artificial intelligence to automate banking, accounting, and tax for small-to-medium businesses. Thriday acts like a CFO in your pocket, taking care of everything a business needs.