Australian Startup Vistr Has Just Graduated From Telstra's Muru-D And Is Searching For A Way To Make Money

Vistr founders Jeremy Kwong-Law, Mark Collins and Alex Sze. Image: Muru-D.

Sydney-based startup Vistr launched last year and is looking to pivot from just being a cashflow management tool to becoming a low friction loan application service for small businesses.

“We’re testing a few monetisation strategies at the moment,” Vistr founder Jeremy Kwong-Law told Business Insider.

“We’re building a relationship with lenders, [to determine] how do we facilitate that really cool, low friction application process where you click the button and get the money that you need.”

Recently graduating from Telstra’s Muru-D, the private school version of accelerators, the cashflow management platform is a free add on aimed at helping small business forecast and plan capital availability in Xero’s accounting software.

“Our core proposition is how do you help a small business manage cash flow. The first thing is understanding when cash comes in and out. The next thing is optimising, getting cash in the door quicker, paying it out later.

“The last step is that we’ve seen 42% of our users have a loan or credit facility that helps them manage their cash flow, so getting towards the concept of a new generation loan broker to connect them to lenders.”

After working at Macquarie Bank and Rabbo Bank as an analyst, Kwong-Law came up with the idea to help smaller companies manage their cashflow in the same way big companies do but without a lot of fuss.

The startup has taken on just over $100,000 in funding and is in the middle of doing another $80,000 raising to develop the product further.

One issue with relying on big companies for your business model is you’re exposed to any changes they decide to make. To limit the risk, Kwong-Law said you have to connect to more than one source of data.

“It’s absolutely imperative for us to connect to more sources of data,” he said, adding they are “having conversations with other accounting platforms”.

“Xero is our first integration, we’re also going to MYOB, QuickBooks Online, Saasu, Reckon – over time.”

But as other startups will sympathise, even though the API’s are similar, finalising the connections takes time.

“For us it’s a resource issue,” Kwong-Law said, adding “We’re absolutely committed to building a revenue channel but profit is not going to come for a long time because we’ll reinvest it.”

In the short term, Vistr will be moving out of its space at Muru-D and into a space at the Australian Technology Park as it searches for a suitable co-working facility.

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