Grapple, My Accounts Partner for SMB Funding

B2B payments and financing platform Grapple and bookkeeping firm My Accounts and have formed a partnership to help small- to medium-sized businesses (SMBs) apply for funding.

The two Sydney, Australia-based companies are teaming up at a time when inadequate cash flow and high cash use are among the leading causes of failure for businesses, according to a Monday (Aug. 1) press release.

“My Accounts and Grapple aim to reduce these causes and increase the volume of successful lending applications,” the release stated. “My Accounts will drive better record-keeping, which results in crucial data becoming available for business owners and potential financiers, while Grapple will work to improve cash flow by increasing working capital.”

My Accounts’ detailed data, coupled with Grapple increasing working capital, will help SMBs create new opportunities in a responsible and transparent manner to drive business growth, according to the release.

“Small Australian businesses often struggle to unleash their true potential simply by letting their financials fall behind,” said My Accounts Managing Partner Noel Tiufino in the release, adding his company will provide current financial data for assessment alongside Grapple.

The partnership will also include ongoing accounting support for these applicants after they have been funded, which Grapple Founder and CEO Stephen Dawson said in the release ensures clients have a foundation to grow.

“Far too many SMBs and their accountants remain frustrated by the cumbersome approvals, paperwork, and administration of current financing systems at the big institutions,” Dawson said.

The news comes weeks after Grapple launched a pair of B2B payments solutions designed to help SMBs improve their cashflow: Grapple Pay and Grapple Now.

Read more: Australia’s Grapple Launches B2B Payment Solutions for SMBs

In a recent report, PYMNTS pointed to a lack of financing alternatives as one of the key pain points affecting SMBs.

See more: SMBs Struggle to Overcome Four Business Payments Frictions

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