MYOB entered a strategic investment and multi-year partnership with business-to-business transactional funder and fintech Butn Limited.
The strategic partnership will deliver MYOB a fully integrated invoice funding solution, assisting businesses in managing cash flow and driving growth.
The undisclosed investment forms part of Butn’s $12.5 million funding round to provide qualifying MYOB Australian small business customers with access to upfront payments for outstanding invoices.
Butn’s integration with MYOB Essentials software is intended to deliver a quick and easy one-time application process for eligible businesses, to create efficient ongoing transactional business funding.
With 29 per cent of SME respondents citing cash flow as the cause of a lot to extreme stress in MYOB’s most recent Business Monitor, MYOB’s general manager for financial services, Andrew Baines, said he looks forward to seeing the benefits the partnership will bring to the business community as COVID recovery begins in earnest.
“Through providing quick access to cash in combination with the smart decision-making capabilities of accounting software, MYOB and Butn have a unique opportunity to solve a core issue impacting small business,” Mr Baines said.
“Smooth cash flow will be critical for businesses as they move to regain normal trade following the pandemic.
“As Australia enters its next phase of economic recovery, SMEs will be major contributors to the nation’s revival and growth, provided they can remain nimble and continually invest in their business.
“Access to finance during this time will be critical. We are very pleased to have found the right partner in Butn with whom to support SMEs at this crucial time.”
Butn co-founder and co-chief executive Rael Ross said easy access to fixed-cost finance is important for SMEs to fully participate in Australia’s rapidly changing economic landscape.
“We’re excited to partner with MYOB to extend Butn’s reach to help more small businesses unlock their working capital constraints to pursue growth,” Mr Ross said.