While co-founder will become sole CEO
Gregory Woszczalski is non-bank lender Dynamoney’s new executive chairman, following the retirement of John Murphy, while co-founder David Verschoor will take on the role of sole CEO.
Dynamoney’s board confirmed Woszczalski’s appointment at the annual general meeting on November 28, while the remainder of the Dynamoney board stays unchanged.
Woszczalski (pictured above left) said he was excited to continue to deliver opportunities for growth to Australian SMEs through the company’s dynamic and innovative approach to financing.
“Taking on the role of chairman is an exciting opportunity for me, and I look forward to continuing my close working relationship with David as we work together to build Dynamoney into the premier non-bank lender for Australian small businesses.”
Verschoor (pictured above right) and Woszczalski are co-founders (and previously co-CEOs) of Dynamoney, which was previously known as Grow Finance but changed its name and brand on November 15.
Strong growth validates Dynamoney’s SME strategy
Verschoor said there was strong growth across the business, proof that the company’s approach to SME financing was what the market needed.
He said SMEs have faced a number of challenges over the year due to increasing interest rates “and the stubbornly high cost of doing business, but we’re seeing strong examples of the small to medium business sector adapting to these challenges”.
“Often, those running SMEs have close relationships with their customers and suppliers, enabling them to work together on mutually beneficial outcomes,” Verschoor said.
“Having surety in funding and cash flow is a vital component of enduring more volatile market conditions and we’re seeing this climate encourage decision-makers to move beyond piecemeal funding models and better organise their finances, so they have a clearer picture of where they sit and confidence when investing in growth.”
SMEs face a number of challenges
Verschoor said interest rates and the general cost of living concerns was affecting businesses of all sizes and talk of the likelihood of a further rise this year or early next was not helping to inspire greater confidence in spending over the holiday period.
“Despite a record Black Friday sales event in 2023, the outlook for the rest of the season is muted, likely impacting business confidence and adding to the uncertainty SMEs are already experiencing as we move into next year.
“The cost of doing business remains a challenge due to high material and distribution costs placed on business, but SMEs are finding efficiencies in their operating models which is helping to address some of these increased costs.
“As always, businesses looking to fuel growth need quick access to funding, so ensuring this is done as efficiently as possible can help drive business momentum forward.”
Key areas where clients seek Dynamoney’s help
Verschoor said customers were looking for simpler ways to fund business growth.
“Working with Dynamoney means you’re connected with a team of experts that have a deep understanding of how small to medium sized businesses operate, so we can make decisions and provide the financial support you need faster,” he said.
“SME confidence is robust, and we’re here to help provide sustainable funding solutions for our clients as they look to invest in growth, while managing increasingly complex cash flow concerns going into next year.
“Whether this is financing new to increase growth or to facilitate and guarantee cash flow over the holiday period, we’ve been able to help our customers maintain that momentum.”
Dynamoney uses proprietary technology to assess and approve small business loans within minutes.
In October, Dynamoney was one of several high-profile non-bank lenders to share their insights with MPA regarding the SME market and the key role of brokers.
How are the SMEs you are working with facing these tough economic conditions? Please comment below.
