(10 July 2025 – Australia) MYOB is pushing into the ultra-competitive bank-centric SME transaction banking market with the launch of Solo Money.
MYOB is offering a new transactional bank account for sole traders, with the flexibility to link other existing bank accounts for end-to-end cashflow control. Despite intense competition, business banking is firmly in vogue as Australia’s largest lenders fight for supremacy, in particular CBA and Westpac targeting NAB’s mantle as the #1 business bank.
CBA and Westpac are focusing intently on amassing business deposits and writing more loans to close the gap to NAB. AMP and Macquarie are also wading into the small business cash & payments market, with the latter cutting fees for account keeping and electronic transactions for business customers.
MYOB business transaction accounts are linked to Great Southern Bank’s banking licence, white labelling as the Solo Money brand within MYOB’s mobile app for sole traders.
“Big day at MYOB as we announce the launch of Solo Money, an embedded finance feature of Solo by MYOB, our all-in-one admin app for Australian sole operators. This move to SaaS + BaaS marks a significant step change in our 34 years of helping businesses to start, survive and succeed” commented MYOB CEO, Paul Robson.
“Sole operators don’t have the data and in many cases just don’t have the visibility of their cash position because they’re mixing everything together in the same personal bank account. We think that there is tremendous opportunity in this space. The closer bank accounts and accounting software align and work well together, the better the benefit is for the sole operator.”