Thriday

Thriday is a financial technology company based in Melbourne, Australia, that has developed an all-in-one financial management platform specifically for small to medium-sized enterprises (SMEs) and sole traders. The company was founded in 2020 by Michael Nuciforo and Ben Winford, who were motivated by their own frustrating experiences as business owners spending excessive time on financial administration. Nuciforo, a seasoned entrepreneur who previously co-founded and sold the car parking marketplace Parkhound, envisioned a way to disrupt the banking and accounting industries by automating the tedious financial tasks that burden business owners.

The firm's core offering is an integrated platform that combines a business bank account, invoicing, bookkeeping, and tax preparation into a single subscription-based service. Thriday operates on a tiered subscription model, providing clients with access to a smart business account and a Visa Debit card. This integration allows for the real-time reconciliation of transactions. As transactions occur, the system uses artificial intelligence and machine learning to automatically categorize income and expenses, determine the appropriate tax treatment, and update the business's financial records without the need for manual data entry or syncing between different applications.

The platform serves a market of sole traders, freelancers, and small businesses in Australia, aiming to reduce the time spent on financial admin from hours per week to just minutes. Key features include automated receipt scanning and data extraction, a bill manager for streamlined accounts payable, creation of quotes and invoices with smart payment reminders, and real-time cash flow and tax forecasting. Clients can set up multiple sub-accounts to automatically allocate funds for specific purposes like GST, income tax, and profit, a method that supports financial strategies like Profit First. For a higher monthly fee, Thriday also offers full-service accounting, including BAS and end-of-financial-year tax lodgements. Since its public launch, the company has attracted significant investment, including a $3 million crowdfunding campaign in 2021 and a $6 million pre-Series A round in 2022 led by NAB Ventures.

Keywords: financial management, fintech, SME banking, bookkeeping automation, business account, tax automation, invoicing software, expense tracking, sole trader tools, AI accounting