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We think that financial admin, accounting, tax and budgeting should be something that just happens, it shouldn’t have to ‘be done’. Our vision is to become a small business financial services hub that automates these tasks and empowers businesses to grow.
Our economy has been built on the back of small business and we will strive every day to connect with businesses and skilled professionals to get them where they want to be, as soon as can be.
We're a team of passionate business owners, and we have seen first hand the challenges involved in running a business. We started Thrive to offer small businesses a better way to manage and maximise their money.
Thrive is a business account that provides automated accounting admin, tax forecasts and invoicing. Your Thrive business account comes with a debit card, including a BSB and account number that allows you to transact and make and receive payments.
We are not a bank. We are partnering with an existing fully registered bank to bring our account to market. This means that deposits provided through the Thrive site and apps are protected by the Financial Claims Scheme (FCS), up to $250,000 per person. Thrive also uses the latest security technology, including smart notifications, biometrics and fraud detection to protect your money & privacy.
We’re currently open to any Australian resident that operates a registered business structured as a partnership, sole trader or limited company. We can only ship a Thrive debit card to an Australian address, so you must have one of those as well.
We’re moving full steam ahead to launch later in 2020. By signing up to our waiting list you can secure priority access in our first public release, get access to exclusive deals and also stay up to date with news about our progress.
The good news is for the majority of you - yes! You will be eligible for any subscription fees you paid for Thrive in the prior 12 months. You will need to add it to section D10 – “Cost of Managing Tax Affairs”. The fees you pay for tax return help are always tax deductible. You can read further details from the ATO here.
By transacting with your Thrive debit card and sending and receiving invoices, we can see your financial activity in real-time. Using this data we categorise these transactions according to professional accounting standards. You can also upload and scan receipts to keep track of them digitally. Thrive uses this information to identify your tax obligations, forecast your tax position and to ultimately help you maximise your tax return whilst staying compliant.
Thrive already includes a lot of standard accounting, invoicing and financial admin services provided by other accounting software packages, however we recognise that some business owners would prefer to stick to what they already use. We will be offering integrations with these partners to reduce any friction in managing your business. Our goal is to help you succeed and save time in any way we can.
No, Thrive will offer a market-leading free basic account that doesn’t charge any monthly account keeping fees. For access to more advanced features such as automated accounting admin, tax forecasts and invoicing, monthly fees start at $20 a month, a small drop in the ocean in comparison to the money you will save on accounting software or a bookkeeper.
No, ATM access for Thrive customers will be free. Although Thrive does not charge ATM fees, some smaller financial institutions or independent ATM operators may charge fees for using their ATMs. They must display the fee at the time of the transaction and allow you to accept or decline the fee as shown.
Thrive is perfect for existing businesses that might be suffering from the burden of managing their finances, accounting and tax requirements. When Thrive launches, you won’t need to move bank accounts if you don’t want to. You can simply just plug in your existing bank account using Open Banking (a new Australian Government initiative to allow you to share pertinent banking information with approved third parties) to see all your transactions within Thrive. This allows you to take advantage of all the great Thrive features but decide later if you want to switch everything over - which we’re confident you will! 🙂
So don’t fret if you currently have an account with ANZ, Bankwest, Bendigo Bank, Commonwealth Bank, National Australia Bank or Westpac, you can still use Thrive to make your life easier.
Next generation business insurance. Get covered in minutes, without the paperwork.
Thrive has partnered with UpSure, a next generation insurance company that works with startups, technology companies and e-commerce brands helping them get covered and stay protected.
Whether you’re a new or existing business UpSure makes the process easy, fast and helps you get covered in minutes. UpSure you can also set up monthly payments reducing the burden of paying your annual premiums upfront. Get broker fees waived with THRIVE50, saving you up to $50.
Getting the right insurance for your trade business can be a nightmare. So we've partnered with Trade Risk who have helped over 10,000 tradies with their insurance.
Trade Risk provides cover for public liability, personal accident, tool insurance and more. Trade Risk have an award-winning team that have helped carpenters, electricians, plumbers and other trades to protect themselves with a range of quality insurance products.
Whether you're an existing trade business, or starting up, get your insurance with Trade Risk and enjoy a complimentary $30 voucher with Total Tools.
Thrive has partnered with the world’s 1st AI-powered logo design and branding platform, Tailor Brands - to help you revamp your business.
With Tailor Brands you could kick start your business with easy to use:
- Professional design tools
- High-quality vector files
- Free website & domain
- Business cards & presentations
- Social media design
Whether starting up, rebranding, or just curious, design your logo for free and claim it (if you like it) for 25% off with the promo code THRIVE.
