Grow Finance

Founded in 2016, Grow Finance is an emerging leader in the Australian nonbank lending space. Primarily focused on commercial lending products for SMEs, Grow’s comprehensive suite of lending solutions includes asset and equipment finance, business loans, lines of credit and insurance premium finance. Soon to be released products include credit cards, domestic and international trade payment services and a corporate card programme.

Grow has experienced significant growth, successfully originating A$1.4 billion across its platform since inception. The company expects this growth to continue over the years ahead. This success can be attributed to Grow’s strategy of balancing the relationship between interest rates, easy products and speed of delivery.

Grow originates the majority of its business through the Australian broker market. Grow’s network of brokers provides it with a large footprint of origination partners around Australia, though predominantly concentrated on the east coast.

Grow’s funding programme is underpinned by its diverse and established network of domestic and international funders, culminating in the successful inaugural term out of its primary warehouse, in 2023. Due to the continued demand for Grow’s products, the second term out has begun in the same calendar year, further demonstrating sharp growth trajectory.

FY23 has also seen several new funding relationships and products introduced into the Grow line-up. This diversification will allow Grow to recycle warehouses quicker, distribute more and, with the assistance of its valued broker network, focus on cross-selling into its current customer base.

Grow has originated A$1.4 billion across its platform since inception, primarily using a bank statement underwrite process, coupled with a strong credit history of sponsoring directors. Grow uses technology at the origination stage to provide speed to market, with 80% of its loans approved or declined within three hours. The company currently services in excess of 10,700 SMEs across its product platform and achieved the award of AFR fastest-growing business in 2021.

Grow’s loan book is currently in excess of A$600 million, with the majority of its book being asset finance focused on passenger vehicles, trucks and trailers. Arrears demonstrate above-average results when compared with the market, with the current 30+ days arrears rate sitting at 0.38%.

Andrew McVeigh
Chief Financial Officer
+61 416 290 882
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www.grow.com.au