Grow Finance changes name to Dynamoney

Rebrand part of strategy to grow SME offering

Grow Finance changes name to Dynamoney

Non-bank lender Grow Finance has changed its name to Dynamoney, with plans to further expand its SME business and product offerings.

Dynamoney co-founder and co-CEO, David Verschoor (pictured above right with co-founder and co-CEO Gregory Woszczalski) said he was excited to launch a new and unique brand to the market “as we work to deliver something unique and original to SMEs, designed to power their ongoing growth”.

“The name Dynamoney is a great representation of who we are and what we do – taking a dynamic approach to solving SMEs financial challenges as a partner in their growth,” Verschoor said.

Dynamoney predicts SME growth

Verschoor said SMEs in Australia had always been a vibrant sector and he expects to see further growth this year.

“Some sectors are growing faster than others of course, but overall, we’re seeing that SMEs remain agile and resilient. 

“One of the key things SMEs need to maintain growth is access to capital, and it can be challenging to meet the demands of traditional lenders more suited to working with large organisations when looking to access those funds.

“Our goal is really focused on understanding each business we work with and making access to capital as simple and efficient as possible so their growth can continue.”

SMEs uncertain about December period, says Dynamoney

Verschoor said despite the resilience of the SMEs sector, there was some general uncertainty about consumer demand in the December quarter.

He said it was increasingly difficult to assess if there was going to be the usual “Christmas rush” – an important annual for retail SMEs.

“We’re seeing some retailers begin to cut back on spending and investments in stock to ensure they are not holding product that there won’t be demand for.

“Another challenge SMEs are facing really focuses on having the right financial arrangements in place and avoiding ‘band aid’ solutions to liquidity as short-term solves.

“When demand is more volatile, we tend to see SMEs look to quick solves that are often unsustainable, so there’s a challenge there; both ensure the business has access to the funds it needs while not causing further instability through poor financing solutions,” said Verschoor.

Dynamoney has $300 million funding pipeline for growth

Dynamoney’s new $300 million pipeline of funding will allow the business to further accelerate its expansion across the Australian market and invest in new products outside of its traditional asset finance and business funding offerings.

As part of this expansion, Dynamoney has announced partnerships with global payments provider Mastercard and card processing platform Pismo.

 “We’re excited to invest in building our new brand beyond traditional finance, and have secured the financing we need to continue on our trajectory of growth as we work on launching a series of new products the market hasn’t seen before,” Woszczalski said.

“This change in our approach enables us to better support our broker network and the SMEs they work with.”

Dynamoney to launch more services for SMEs

Dynamoney will activate revised marketing campaigns as it plans to launch a series of  offerings in 2024 designed to increase its share of the Australian non-bank lending market.

“We’re looking to launch a series of new services that are purpose-built for SMEs to manage their money more effectively,” Verschoor said.

“Around January of next year, we’ll be ready to launch a first-of-its-kind product and we’re currently working to deliver some more direct-to-SME services that fill out their financial management needs. 

“We’re well-known for using technology to deliver funds to SMEs more simply and efficiently, and our upcoming products certainly maintain those values.  We’re excited to do more for SMEs with these new products and services that will help them grow further.”

Last month, a range of high-profile non-bank  lenders including Dynamoney (Grow Finance),  Aquamore,  OnDeck Australia, RedZed and Prospa gave MPA their insights on the SME market and the key role of brokers.

These industry experts concluded that brokers need to stay in touch with their SME clients, assist them with cash flow management and direct them to the right loan options to help them grow in better times.

Last year Dynamoney extended its loan offering to include primary agriculture, in a move it said responded to sector demand and allowed businesses to fund specialised equipment to boost growth.

What are some of the key issues facing SMEs now? Share your thoughts below.