CBA fintech launches app for first-time SMEs

CBA fintech launches app for first-time SMEs

A CBA-owned fintech has launched an app for SMEs to start their business, along with a cash incentive for SMEs that launch through the app.

The Commonwealth Bank of Australia (CBA) has announced that its wholly owned subsidiary, X15 Ventures, has launched its fourth new venture, Backr.

The Backr app will offer a digital, task-based approach for SMEs looking to start a small business and will guide business owners through the process step by step.

This includes SMEs registering their business name and ABN, creating a business plan and using tools to allow them to trade quickly, to business plan formulation and invoice creation.

Targeting small businesses and new entrepreneurs, Backr is designed to be used for the early stages of a business’ life.

Commenting on the launch of Backr, X15 Ventures managing director Toby Norton-Smith said the web app is designed to guide SME owners through the first year of operation.

“Backr is a portal for aspiring entrepreneurs and micro-businesses looking to set up shop. This small business-in-a-box service simplifies the process of setting up a business, which we know can be quite daunting for many first-time business owners,” he said.

CBA CEO Matt Comyn has also announced that to support this initiative, the major bank will deposit $500 into the account of any eligible business launched through Backr until the end of 2020.

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Source: CBA fintech launches app for first-time SMEs – The Adviser