Dynamoney Secures New Funding to Launch Innovative SME Lending Products
(13 March 2024 – Australia) Dynamoney, formerly known as Grow Finance, has secured a new A$285 million funding facility to support the group’s ambitious expansion plans including Australia’s first SME overdraft credit card.
The Dynamoney Mastercard links to Dynamoney’s SME overdraft facility and can be managed via a newly developed mobile app, allowing real-time monitoring of business spending. The Mastercard includes digital Apple and Google Pay functionality in line with the growing demand for innovative payment methods.
The group’s new funding boost represents a component of a larger A$1 billion debt funding tranche targeted for the end of the financial year, a period of heightened demand for SME borrowings.
“Dynamoney is a great business that provides a critical service for a huge cohort of the Australian economy – small businesses,” said Dynamoney CEO and Co-Founder, David Verschoor.
“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.”
Subscribe