Thriday, a financial management platform for small businesses, has raised $6m in a pre-Series A funding round.
According to a report from Startupdaily, the round was led by NAB Ventures, the VC arm of the business bank, alongside ?significant participationfrom existing investor Lempriere Capital.
The Australian-based company is on a mission to save small business time and money by automating financial admin. Thriday describes itself as ?like having a bookkeeper, account and transaction account all in one.p>
Thriday cofounder and CEO Michael Nuciforo said the platform has developed a unique product that automates banking, accounting, and tax for small-to-medium businesses and has seen huge national demand from those business owners, ?We created Thriday to simplify the lives of small business owners.
?By combining banking, accounting and tax into one solution, weve 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.p>
Nuciforo added Australia 2.3 million small-to-medium businesses employ over half the country workforce and account for a third of GDP, but are burdened by the significant amount of time and cost involved in managing their finances.
In fact, research conducted by Thriday revealed that financial admin was the most disliked activity in running a business and 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,Nuciforo said.
Capify, a specialist SME lender, recently launched a ?40m fund for UK small businesses to help manage operations through difficult trading conditions.
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