MYOB wins Australian innovation award for Solo app for sole operators
MYOB has been named the top company in the banking, superannuation and financial services category in the Australian Financial Review's Most Innovative Companies Awards 2025.
The recognition centres on Solo by MYOB, an application designed specifically for Australia's 1.6 million sole operators, and marks another milestone in the company's 34-year approach to innovation in its field.
Solo's focus
Solo by MYOB was highlighted by judges for addressing an under-served market segment: sole operators, of whom 66% have not used accounting software before. The app, which was launched in early 2025, offers a suite of tools aimed at helping these business owners manage their administrative tasks more efficiently.
The platform combines various functionalities, including embedded finance through the business bank account 'Solo Money', Tap to Pay, on-the-go invoicing, connected banking, AI-powered smart matching and reconciliation of transactions, and a streamlined expense management process with a snap-and-track feature for receipts. Additionally, a generative AI assistant supports users with real-time troubleshooting and advice.
Since its introduction, MYOB reports that tens of thousands of customers have started using Solo, with regular updates-seven new feature releases to date-reflecting ongoing development and adaptation to customer feedback and requirements.
Commitment to advancement
MYOB describes its innovation framework as purpose-driven and customer-centric, focusing on addressing specific business problems identified through research and engagement with the market. The company says it delivers new products and features rapidly by embedding an experimental approach and technology-focused culture, including a company-wide "AI Everyday" upskilling programme for employees.
"Innovation in financial services isn't just about technology. It's about building trust, improving outcomes and enabling smarter, more efficient cashflow management," said Paul Robson, CEO of MYOB.
Robson added, "We're pleased to be recognised by the AFR for our innovative culture. This award reflects our ongoing commitment to deliver solutions that empower Australian sole operators to achieve their business goals."
Evaluation process
The annual AFR Most Innovative Companies list is compiled by AFR BOSS in collaboration with innovation advisory firm Cognizant. The selection process assesses originality and impact of new products or services, as well as the internal culture and capability that supports innovation within the nominated organisations.
The award recognises work not only in delivering products like Solo but also the processes and training behind them, such as AI skills initiatives introduced for every MYOB employee. According to the company, this structure is intended to ensure that technological advancements are rolled-out responsibly while keeping customer needs at the centre of development.
Future directions
This accolade comes as MYOB signals ongoing investment in Solo, with further feature development planned over the coming year. The company indicates that sole operators using the app can expect additional functionalities to be introduced in 2026 to further support their businesses.
The acknowledgement by the AFR aims to highlight organisations in Australia that are making significant contributions to their industries through fresh strategies and measurable impact. In the case of MYOB, the company's measures are distinguished by a focus on accessible business management tools for micro-entrepreneurs and sustained internal efforts to foster a culture that values and delivers continuous improvement.
The combination of technological development, targeted support for sole operators, and investment in employee skills was identified as central to MYOB's recognition this year. The company positions itself as continuing to reshape approaches to business administration in Australia's financial services sector.
