MYOB turns up the heat on Xero in small business lending

Accounting software firm MYOB is partnering with fintech Valiant Finance to turn up the heat on major rival Xero in the lucrative small business loans space.

The deal will let MYOB offer “predictive financing” where its software will indicate to customers if they need a loan or any other form of finance and then serve up potential offers through Valiant, which links small businesses with lenders.

Valiant’s lending panel includes ANZ, NAB, Westpac and CBA alongside smaller fintechs offering term loans, business overdrafts, commercial and development lending, fit-out financing and asset finance. Founded in 2015, Valiant is backed by ANZ, Salesforce and Westpac’s venture capital fund Reinventure.

Both Xero, which has a market capitalisation of $21 billion, and MYOB launched invoice financing offerings in the past year but MYOB’s partnership with Valiant is the first foray by one of the platforms into the broader small business lending space.

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Source: MYOB turns up the heat on Xero in small business lending