Thrive, a Melbourne based fintech founded in 2019, has developed a unique product that uses artificial intelligence to automate banking, accounting, tax and lending for small-to-medium businesses.
Thrive acts like a CFO in your pocket, taking care of all the financial needs of a business.
Whilst Thrive continues to gear up for the introduction of its business accounts, Thrive Mastercard Debit Cards will be made available to business customers following the launch later this year - offering cardholders increased flexibility and convenience alongside industry-leading payment protection.
Michael Nuciforo, Co-founder & CEO of Thrive, said the team behind Thrive grew tired of seeing the amount of time wasted by businesses on financial admin, “People start a business to control their own destiny, but the reality is they become a slave to financial admin. For every sale, there is an invoice to fill, a staff member to pay and an expense to be reconciled. In fact, small businesses spend over 42 days a year on financial admin. Our mission is to end that.”
Ben Winford, Co-founder & COO of Thrive, said the partnership with Mastercard was critical to its product offering, “Mastercard has become the defacto choice for fintechs who are looking to disrupt the status quo. This partnership creates a multitude of exciting opportunities for Thrive to deliver world-class financial solutions for small business owners who are the lifeblood of our economy.”
“The team at Thrive truly understand the frustrations and challenges that come with running your own business and the impact that intelligent digital payment solutions can have on business success,” said Kallan Hogan, Vice President, Fintech, Mastercard Australasia. “As SMEs around Australia continue to evolve their operations in response to the pandemic, there’s never been a better time to offer a product that lightens the load and lets these organisations focus on what they do best. As an organisation that is committed to supporting local small business, Mastercard is excited to partner with Thrive on the next step of its journey.”
Thrive is aiming to disrupt the $57 billion Australian SME financial services market2. Once a business opens an account with Thrive, all their transaction and financial data will be analysed in real-time using Artificial Intelligence (AI) and Machine Learning (ML) to identify the next best action for that business. This includes automated spend categorisation, reconciliation, cashflow forecasting and tax predictions.