In a move into banking services that signals a significant step-change in the evolution of the 34-year-old ANZ technology leader, MYOB has launched an embedded finance feature, Solo Money, a business transaction account in Solo by MYOB, the all-in-one admin app for Australia’s 1.6 million sole operators.
With around three-quarters (76%) of non-employing Australian businesses running without a dedicated business bank account*, Solo by MYOB is uniquely designed to help Australia’s smallest businesses. Using personal bank accounts for business purposes risks confusion and increases admin load by intermingling personal and business transactions.
MYOB CEO Paul Robson says Solo Money will provide an all-in-one mobile solution for sole operators from day one, incorporating a transactional bank account with market-leading accounting software so they can stay on top of their finances.
“Sole operators take a leap of faith when they start their own business. Finding ways to reduce complexity and provide cashflow transparency is critical in helping Australian startups start, survive and succeed.
“MYOB is leveraging 34 years of product expertise and leadership in Solo by MYOB. Solo by MYOB is the result of MYOB’s extensive experience, providing market-leading innovation for the next generation of entrepreneurs and business owners.”
With the launch of Solo Money, Solo by MYOB can become the single source of truth for near real time cashflow reporting, with transactions made visible and reconciled in the accounting software through AI smart matching. Combining accounting, business admin management and now banking in a single app can minimise the double handling of data entry through automation and integration.
Solo by MYOB will be the only admin app in Australia to offer a bank account with the flexibility to link other existing bank accounts with its connected accounts feature, powered by MYOB’s first Open Banking deployment.
Solo Money joins other features that include AI-powered transaction matching and auto reconciliation, along with invoicing capabilities. Solo by MYOB was the first accounting software in Australia to offer Tap to Pay capability for both Apple and Android devices, enabling instant payments for completed jobs.
Sole operators can apply in as little as three minutes for Solo Money, which will initially launch as a business transaction account and business debit card. Solo Money will be available in Australia in July 2025. To sign up for the app, visit Solo Money.