MYOB joins forces with market-leading workplace software startup Flare
02 Nov 2020
Investment highlights MYOB’s continued expansion into financial services offerings, with a growing number of new services now available through MYOBs portfolio of SME, Practice and Enterprise products.
MYOB, a leading business management platform in New Zealand and Australia, today announced a new partnership with Flare, a workplace technology startup and provider of digital workplace solutions.
The partnership follows Flare’s successful $22 million (AUD) capital raising round, with MYOB investing in the Australian startup as part of a strategy to continue to add high-value functionality to its suite of business tools and applications, accessed by more than 1.2 million customers across Australia and New Zealand.
The investment, for an undisclosed sum, provides MYOB with access to Flare’s market-leading digital workplace software including onboarding, benefits, and employee engagement solutions, as well as innovative financial products designed to help Australians plan for a secure financial future.
The partnership will initially deliver Flare’s digital onboarding solutions to MYOB’s SME customers, facilitating an efficient, compliant onboarding journey for new employees, in addition to offering Flare’s digital end-to-end super selection experience.
Today, more than 2,500 customers utilise Flare’s market-leading solutions to onboard and engage with approximately 650,000 employees.
MYOB General Manager Financial Services, Andrew Baines, identified the Flare partnership as an exciting step in the evolution of MYOB’s product suite, offering extraordinary value to customers seeking to onboard and engage their workforce during a period of significant disruption.
“The Australian workforce is undergoing a huge transformation and we want to lead with financial solutions that make employment and onboarding easier for business owners as they keep our economy moving,” Mr. Baines said.
“Our partnership with Flare will offer a streamlined, cost-effective onboarding and employee engagement experience, which will deliver time savings to business owners, as well as providing a seamless experience for new employees which will continue right through their workplace journey.”
Flare’s onboarding module will be integrated within the MYOB Team app later this year. Integration into MYOB Advanced People, MYOB’s leading SaaS and mobile native Enterprise payroll and ERP product, is scheduled for delivery in 2021.
Prior to the onset of COVID-19, an average of one million employees of Australian SMEs changed jobs each year – a figure that is set to increase dramatically in 2020 – and with every new role, employees are required to provide compulsory information such as bank details and tax declarations.
James Windon, co-founder and co-CEO of Flare, said: “We are thrilled to partner with MYOB, an iconic Australian business platform, to deliver world-class digital products and solutions to customers and their employees nationwide.
“This capital raise allows us to accelerate our roadmap for delivering smart financial products directly into the workplace, at a time when engaging and retaining a distributed or remote workforce is more important than ever.
“Flare and MYOB share a similar ethos, in that we both exist to help businesses and their employees thrive. This partnership will see Flare continue to focus on our mission of helping every Aussie live their best financial life, through a seamless, compliant, end-to-end digital solution with MYOB, fully optimised for the future of the workplace.”
The announcement follows MYOB’s recent investment in Roubler, a workforce management platform (WFM) which offers employee management tools for rostering, time management and attendance, and payroll.
“We are excited to play an active role in the next stages of Flare’s growth and look forward to working together to unlock the potential of Flare’s unique software,” Mr. Baines said.
“Our purpose at MYOB is to help more business owners in Australia and New Zealand start, survive and succeed, and what better way to do this than by empowering them to more efficiently onboard and engage the lifeblood of their business – their employees.”