Leading non-bank business lender, Grow Finance, today announces that it has been recognised as the #1 fastest-growing company in the 2021 AFR Fast 100 following a 549% YOY increase in revenue, despite the pandemic.
Grow Finance Co-CEOs, David Verschoor and Greg Woszczalski attribute the win to being increasingly recognised as the ‘non-bank of choice’ for businesses borrowing up to $5M.
Grow Finance has a strong suite of asset finance and working capital solutions. The asset finance division boasted a 310% rise in originations vs the previous corresponding period and with an 80% increase in the asset finance loan portfolio size.
The growth rate continues to exceed aggressive targets, with the company on track to deliver over $20M of new loans next month. Products within the asset finance stable include vehicle finance (car, truck, trailer and yellow goods) and equipment finance (medical, office, industrial and solar energy).
The working capital group (business loans, plus trade, floorplan and invoice finance) has also experienced substantial wins. Trade finance has increased its loan portfolio size by 100% over the past year. As a result, November 2021 will be a record month for originations, number of drawdowns, and monies advanced. Invoice finance has grown steadily, originating $275M of receivables over the past 12 months.
In addition, a new floorplan facility was launched in September 2021 to meet the needs of the previously under-serviced small businesses dealers requiring up to $3M for new or used showroom assets. This release was particularly timely as showrooms prepared to re-open their doors in many states and capitalise on the expected post-lockdown shopping frenzy, as well as maximise sales in the pre-Christmas rush.
“The company will continue to sustain momentum through concurrent product and platform R&D initiatives, supported by a string of successful capital raises,” said Mr. Verschoor.
Mr. Woszczalski concurred: “Being tech-driven, we’re continuously working on platform enhancements to facilitate faster, more aligned funding. Similarly, we’re consistently extending or enhancing products, launching new products and blending products to meet emerging demands.”
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