Commonwealth Bank’s venture building entity, X15 Ventures, has today launched Backr, a new web app designed to help first-time business owners through the often confusing process of starting a business.
Backr is the fourth business to come out of the X15 Ventures since it was launched in February 2020, and is the first business developed outside of the Bank.
Backr offers a digital, task-based approach to starting up, and guides users through the process step-by-step, from business registrations, to business plan formulation, invoice creation and more. Targeting small businesses and new entrepreneurs, Backr is designed to be used for the early stages of a business’ life.
Speaking about Backr, X15 Ventures Managing Director Toby Norton-Smith, said the web app was designed to guide small business owners through the first year of operation.
“Backr is a portal for aspiring entrepreneurs and micro-businesses looking to set up shop. This small business-in-a-box service simplifies the process of setting up a business, which we know can be quite daunting for many first-time business owners,” he said.
“The launch of Backr further demonstrates CBA’s commitment to supporting the small business economy as Australia emerges from the coronavirus pandemic, and working together with the fintech community through X15 Ventures on launching great ideas into the market.”
CBA Group Executive Business Banking, Mike Vacy-Lyle, said: “Small businesses play a fundamental role in almost all sectors of the Australian economy and the launch of the new Backr web app is one way we’re supporting the next generation of small businesses.
“This is especially important during this challenging time, and we’re hoping Backr will help remove some of the barriers to entry for anyone thinking of starting their own business or those already navigating these initial steps.”
Since the launch of X15 Ventures, CBA has powered four new businesses, including Backr, Vonto, Credit Savvy and Home-in. And this is just the beginning for X15 Ventures, with new business ideas emerging from Xcellerate2020, a pitch program hosted by X15 Ventures in July.
The Backr app is set to launch in September 2020 and anyone can register their interest from today at www.backr.com.au. Users who sign-up to the full Backr product between launch and 31 October and complete four tasks (1. Register an ABN, 2. Register a business name, 3. Complete a business plan, 4. Open a CBA Business Transaction Account) will be eligible to receive $500 (terms and conditions apply and can be found on the Backr website).