14th April, 2021
An agreement between MYOB and fintech lender Butn will allow SME customers to access upfront payments on outstanding invoices.
Nearly a third of small businesses cite cashflow as the cause of extreme stress and causing tech providers to consider how to improve the situation for their clients.
To that end, MYOB has announced 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 cashflow and driving growth.
The investment forms part of Butn’s successful $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 percent of SME respondents citing cashflow as the cause of 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.
“Smooth cashflow will be critical for businesses as they move to regain normal trade following the pandemic.”
With the road ahead continuing to look uncertain, small businesses are likely to need to remain flexible — and that may mean gaining access to other sources of funding should there be any shortfalls caused by an end to government stimulus or unexpected dips in revenue.
“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,” said Baines.
“Access to finance during this time will be critical.”
Co-founder and co-chief executive of Butn, Rael Ross said that access to finance could be the difference between business failure and success in a rapidly changing environment.
“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.”
Want to find out more about how Butn and MYOB are working together to unlock small business cashflow? Register your expression of interest by emailing us, here.