MYOB has introduced its embedded finance feature, Solo Money, a business transaction account within Solo by MYOB, an all-in-one admin app for Australia’s 1.6 million sole operators.
With about 76% of non-employing Australian businesses operating without a dedicated business bank account, Solo by MYOB aims to support Australia’s SMEs. Using personal bank accounts for business purposes can lead to confusion and increase administrative workload by mixing personal and business transactions.
According to the officials, Solo Money aims to provide an all-in-one mobile solution for sole operators, incorporating a transactional bank account with accounting software. This helps Australian startups start and succeed, as well as manage their finances more optimally.
By launching Solo Money, Solo by MYOB can become a source of real-time cash flow reporting, with transactions made visible and reconciled in the accounting software through AI-powered intelligent matching. Merging accounting, business management, and banking into a single app can reduce the need for double data entry by using automation and integration.
Solo by MYOB will be among the first admin apps in Australia to offer a bank account with the flexibility to link other existing bank accounts through its connected accounts feature, powered by MYOB’s first Open Banking deployment.
Key features of Solo Money
Some key features of Solo Money include AI-powered transaction matching and automatic reconciliation, as well as invoicing capabilities and Tap to Pay functionality for both Apple and Android devices, enabling instant payments for completed jobs. Additionally, it features automated tax and GST tracking, simple cash flow graphs, and the ability to connect to two bank accounts.
Sole operators can apply in approximately three minutes for Solo Money, which will be initially launched as a business transaction account and business debit card. According to the company, Solo Money will be available in Australia in July 2025.
