Expansion comes after UK launch
SME business lender Bizcap has announced a significant expansion of its credit team led by the recently promoted chief credit officer Tony Truong.
The move will help ensure Bizcap maintains a robust credit assessment process amid rising demand for its lending solutions in New Zealand, Australia, and the United Kingdom.
“When assessing a small business’ loan application, we focus on their current cash flow and, though we do take their history into account, we don’t let past blemishes like defaults or low credit scores automatically disqualify them,” said Truong.
“Instead, we assess real-time potential, and believe in giving businesses a chance to rebuild.”
Growing the credit team
Assuming the role in recent months, Truong brings more than 15 years of experience in both secured and unsecured finance, with a focus on commercial credit underwriting.
Working as underwriting manager at Moula, Truong joined Bizcap as a senior credit analyst in November 2021, after the COVID-19 pandemic had brought small businesses across Australia and New Zealand to their knees.
Bizcap was leveraging its unique approach to risk assessment, pioneered by co-founder Zalman Blachman, to support SMEs at a time when most, if not all, other lenders had closed their doors at one point or another.
After becoming head of credit in November 2022, Truong adopted Bizcap’s risk evaluation ethos and successfully trained the credit team to embody the lender’s strategy, scaling the implementation of its approach to credit assessment.
In doing so, Bizcap said Truong played a “pivotal role” in expanding the lender’s loan book and supporting SMEs to thrive, not just survive the economic downturn and changing environment of the pandemic.
Since then, Bizcap, with Truong at the helm of its credit team, has gradually increased its maximum loan size from $1 million to $5 million and more than doubled both the number and size of monthly loans extended to SMEs.
Endorsement by senior leadership team
Truong’s elevation to chief credit officer recognises these achievements, as well as his success in maintaining a “very healthy and sustainable loan book”, according to Bizcap.
With his promotion, Truong joins the Bizcap senior leadership team of co-founders and joint managing directors Abe White and Zalman Blachman, chief revenue officer Rebecca del Rio and chief operating officer Adam Szental.
On Truong’s appointment, Blachman said: “Tony brings a trifecta of capabilities to his role as chief credit officer: a deep understanding of the risks and challenges faced by SMEs, the ability to adopt and scale Bizcap’s unique lending ethos and strategy, and exceptional team leadership skills.
“This trifecta is key for driving Bizcap’s success in providing fast and flexible lending solutions to a diverse range of small businesses and helping Bizcap to scale globally.”
Szental added that as Bizcap experiences rapid growth, Truong’s promotion and the expansion of the credit team allowed the company to process a larger volume of loan applications.
“We welcome Tony to Bizcap’s senior leadership team and are confident that under his direction, the credit team will excel in supporting more SMEs, ensuring their financial success,” he said.
2024: A year of progression
SME lender Bizcap has expanded its reach outside of Australasia with its official launch in the UK.
This came following the appointment of Camilla Tumai as its new general manager in March after launching two new solutions to the New Zealand market: the line of credit and bridging finance.
“Being privately funded, Bizcap can assess risk on its own terms, without the constraints of institutional money,” Truong said. “This provides us with great freedom and innovation when making decisions on SME lending.
“The autonomy we have here is truly empowering, and key to our success in supporting businesses to thrive.”
