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The accounting software giant is making a strategic shift into the crowded banking services space with a fresh SME finance feature.
MYOB makes power move with banking service debut
10 July 2025
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8 minute read
MYOB has revealed its plan to break into banking services with ‘Solo Money’, a business transaction account in Solo by MYOB to signify a significant “step-change”.
The platform noted it had taken the leap into the space to plug a 1.2 million business banking gap among sole operators and small businesses, as Kantar data showed around 76 per cent of non-employing Australian businesses were operating without a dedicated business account.
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The newly embedded finance feature had been designed to help the nation’s smallest businesses by removing the confusing link between personal and business bank accounts, according to MYOB.
Paul Robson, chief executive of MYOB, said using personal bank accounts for business purposes risked confusion and increased admin load by intermingling personal and business transactions.
“Sole operators take a leap of faith when they start their own business. Finding ways to reduce complexity and provide cashflow transparency is critical in helping Australian startups start, survive and succeed,” Robson said.
“MYOB is leveraging 34 years of product expertise and leadership in Solo by MYOB. Solo by MYOB is the result of MYOB’s extensive experience, providing market-leading innovation for the next generation of entrepreneurs and business owners.”
The platform noted the development and move into the banking space would combine accounting, business admin management, and now banking into a single app, aiding in the minimisation of data entry “double handling” through automation and integration.
The introduced feature was rolled out in Australia to sole operators this month, with customers being able to apply for Solo Money within three minutes, which would initially launch a business transaction account and business debit card.
It was also revealed that the feature would join others with the inclusion of AI-powered transaction matching, auto reconciliation and invoicing capabilities.
According to a report by The Australian Financial Review, ANZ considered buying MYOB three years ago with the intention of bringing together bank accounts, accounting software and functions such as payments, expense tracking and tax records; however, it retreated and turned its attention to acquiring Suncorp’s bank.
Robson told the Financial Review that the closer bank accounts and accounting software aligned, the better the benefit for sole operators.
“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 bank account.”
“We think there’s … tremendous opportunity in this space.”
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