ANZ reportedly eyeing MYOB stake as business banking arms continues

ANZ is reportedly eyeing business accounting system MYOB, with the lender thinking of irrespective of whether using a stake in the accounting system could bolster its offerings to the company local community.

Citing unnamed resources with understanding of the circumstance, The Australian Financial Evaluate experiences ANZ has engaged in talks with MYOB’s dad or mum firm, American non-public fairness organization KKR, about acquiring a stake in the corporation.

KKR acquired the agency in 2018 for $2 billion.

The thought method, the AFR stories, is that bringing MYOB in-household — or at least buying a stake in the organization — would let ANZ to combine its business enterprise accounts and lending merchandise with the application.

MYOB previously operates a loans and finance hub on its platform by a collaboration with bill financer Butn and small business personal loan marketplace Valiant.

As observed by the AFR, MYOB also a short while ago penned a partnership with ANZ competitor Westpac, providing some of that bank’s buyer base accessibility to the accounting program suite.

Nevertheless, a new offer with a person of Australia’s main banks could expose MYOB’s 1 million Australian customers to new, further banking functionality.

With growing curiosity charges most likely to deter homebuyers from cannonballing into the current market as they did in 2020 and 2021, Australia’s economical major hitters are hoping the business enterprise lending sector will continue to be solid.

From that see, having a piece of MYOB could give ANZ much more firepower against its Major Four competitors.

That explained, ANZ did not supply official remark to the AFR, and the paper could not verify if the reported discussions are ongoing.

MYOB did not answer to SmartCompany‘s request for comment.