What is Thrive?
Thrive has developed a unique product that uses AI and ML to automate banking, accounting, tax and lending for small-to-medium businesses. The Thrive platform will make it easy for businesses to stay compliant, save time on financial admin and stay in control of their financial wellbeing.
Additionally, through the integration of banking, accounting, and tax data, Thrive can revolutionise the lending process. This data can be analysed in real-time, to determine the borrowing capacity and likelihood of repayment for any business. Lending products can then be offered pre-approved without the need for long forms, phone calls and the exchange of additional data.
Who is Thrive for?
Thrive has been built from the ground up to support small businesses, sole traders, freelancers and gig economy workers. There are over 2 million small-to-medium businesses in Australia (ABS). Small business is the backbone of the Australian economy and accounts for 33 percent of GDP. Small business owners have unique challenges and needs that are not currently addressed by existing products and services in the market.
Thrive is targeting businesses in the nano (sole trader), micro (2-4 employees) and small business (5-19 employees) segments. The research conducted has identified that the burden of financial admin hits these businesses the hardest, as they simply don’t have the time or resources to manage it properly themselves. Since launching the Thrive website earlier this year, Thrive has had an incredible response, with over 4,700 businesses signing up to use the service when it goes live.
How does Thrive work?
The Thrive team has created a unique banking ‘engine’ that utilises AI and ML to instantly assess transaction data and bank account activity to determine a personalised ‘next best action’ for that business. Thrive’s engine comprises of three major capabilities:
1. Fetch: Retrieval and aggregation of data from various sources to power the decision model. Data sources can include invoices, receipts, bills, reviews and credit scores.
2. Analyse: Data is parsed, cleansed, stored and analysed. Pertinent details are evaluated such as bill due dates, invoice amounts owing, GST obligations and fed into the decision model.
3. Decide: The decision model then prioritises and instructs the platform on what activities to conduct for the business. This could include paying a bill, sending a reminder for an unpaid invoice or setting aside funds for a projected cashflow shortfall.
Thrive will launch next year with its market leading proposition. By the end of March 2021, Thrive will have completed integration with its strategic partners and this will allow Thrive to commence Beta trials with customers on the Thrive waitlist. Pending the successful completion of that trial, the product will be launched to the public.