MYOB launches Solo Money to simplify banking for sole traders

Accounting tech giant MYOB is taking a major leap into the world of banking with the launch of Solo Money, a new business transaction account designed specifically for sole traders.

The new business banking feature aims to cut admin headaches for Australia’s 1.6 million sole traders.

The offering is part of Solo by MYOB, an all-in-one admin app that already helps solists manage invoicing, tax, and accounting tasks. With Solo Money, users will now be able to access a fully integrated business debit account directly within the app.

The move is designed to tackle a persistent problem among Australia’s smallest businesses—a lack of dedicated business banking.

Research shows that around 76 per cent of non-employing businesses are still using personal bank accounts for business transactions, leading to messy records and extra admin.

MYOB CEO Paul Robson says Solo Money is about giving sole traders a clear way to manage their money from day one.

“Sole operators take a leap of faith when they start their own business. Finding ways to reduce complexity and provide cashflow transparency is critical in helping Australian startups start, survive and succeed,” Robson says.

“MYOB is leveraging 34 years of product expertise and leadership to deliver something truly valuable for the next generation of entrepreneurs.”

The new embedded finance feature offers a streamlined mobile experience, combining real-time cashflow visibility with AI-powered reconciliation. Users can track transactions and match them automatically in their accounting records—cutting out double-handling and manual data entry.

Solo by MYOB is also the first admin app in Australia to offer both a business bank account and the ability to link external accounts using Open Banking technology. Other standout features include Tap to Pay functionality, smart invoicing, and automatic transaction.

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