Grow Finance is now Dynamoney

David Verschoor, Dynamoney’s co-founder and co-chief executive, commented: “We’re 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.

“We’re better for business and we’re excited by the opportunity to keep growing.”

The company said its all-online application and approval process used proprietary technology to assess and approve small-business loans, allowing them to be completed within minutes.

Dynamoney also revealed that it will be expanding its product offerings moving ahead, with many due to be released in 2024, designed to increase the business’s share of the Australian non-banking lending market.

The rebranding followed the company’s first public market securitisation, which meant Dynamoney has a new $300 million pipeline of funding to enable it to accelerate its expansion across the Australian market and “invest in new products outside of its traditional asset finance and business funding offering”.

It revealed that it had already secured partnerships with global payments provider Mastercard and card processing platform Pismo.

Dynamoney’s co-founder and co-CEO Gregory Woszczalski stated: “We’re excited to invest in building our 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.

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

The rebranding followed the company in September ceasing to offer invoice and trade finance products to instead focus on scaling its asset finance, business term loans, and insurance premium funding products, as well as launching new products moving forward.

At the time, then Grow Finance, commented that while it believes its “funding costs and speed to market in these [aforementioned] products are industry-leading”, it did not have a similar “competitive advantage” for its bespoke invoice finance and trade finance products.

As of 1 September 2023, all existing invoice and trade facilities held by the business were taken over by debtor finance specialist ScotPac Business Finance.

[Related: Grow Finance pulls out of invoice finance and trade finance]