ANZ is reportedly eyeing small business accounting platform MYOB, with the lender contemplating whether or not using a stake in the accounting platform could bolster its offerings to the business enterprise neighborhood.
Citing unnamed resources with know-how of the situation, The Australian Economical Evaluation stories ANZ has engaged in talks with MYOB’s parent corporation, American private equity business KKR, about obtaining a stake in the corporation.
KKR acquired the company in 2018 for $2 billion.
The assumed process, the AFR experiences, is that bringing MYOB in-dwelling — or at the very least getting a stake in the corporation — would let ANZ to integrate its business accounts and lending goods with the application.
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MYOB now operates a financial loans and finance hub on its platform through a collaboration with invoice financer Butn and enterprise loan market Valiant.
As mentioned by the AFR, MYOB also recently penned a partnership with ANZ competitor Westpac, supplying some of that bank’s consumer foundation entry to the accounting software suite.
Nevertheless, a new offer with one particular of Australia’s big banking companies could expose MYOB’s 1 million Australian customers to new, further banking operation.
With rising interest prices likely to deter homebuyers from cannonballing into the marketplace as they did in 2020 and 2021, Australia’s fiscal significant hitters are hoping the business lending sector will remain strong.
From that check out, having a piece of MYOB could give ANZ a lot more firepower versus its Significant Four rivals.
That stated, ANZ did not deliver official remark to the AFR, and the paper could not affirm if the claimed conversations are ongoing.
MYOB did not reply to SmartCompany‘s ask for for comment.