The new facility aims to bolster the firm’s lending and business expansion plans
SME lender Dynamoney has secured a new financing deal worth $285 million with a major Australian bank – the company’s fourth concurrent warehouse facility.
The funding, aimed at bolstering Dynamoney’s lending and business expansion efforts, is part of a larger $1 billion debt funding package expected to be finalised by the end of the financial year, during the peak period for SME lending.
The company, formerly known as Grow Finance, has been recognised by the Australian Financial Review and the Financial Times as one of the fastest-growing companies in the APAC region.
“Dynamoney is a great business that provides a critical service for a huge cohort of the Australian economy – small businesses,” said David Verschoor (pictured right), chief executive and co-founder of Dynamoney.
“The new financing agreements we’re confirming today conveys the confidence our finance partners have in our approach and growth. Securing this further tranche of investment allows us to keep expanding, ensuring we can help more SMEs effectively manage their finances and grow into the future.”
Greg Woszczalski (pictured left), executive chairman of Dynamoney, expressed optimism about the company’s future growth and expansion, attributed to the latest financing arrangement.
“Our team of expert lending professionals will continue to deliver for SMEs in Australia as we launch new and innovative solutions designed to help them grow,” Woszczalski said. “This new facility fuels our ambition to further centralise a wide range of financial services that are currently disparate. By bringing these services together, we’ll help our clients manage their finances more efficiently so they can focus on their growth.”
Furthermore, Dynamoney has launched Australia’s first SME overdraft credit card, the Dynamoney Mastercard – designed to help SMEs manage their purchases and expenses.
The card, which is available to new and existing approved customers, integrates with Dynamoney’s SME overdraft facility and can be managed via a newly developed mobile app, allowing real-time monitoring of business spending and offering financial control to business owners.
The collaboration with Mastercard incorporates digital card options through Apple Pay and Google Pay, aligning with the growing demand for seamless and secure digital payment methods.
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