Dynamoney appoints new chairman 

The SME lender formally known as Grow Finance, Dynamoney yesterday (30 November) revealed the appointment of Gregory Woszczalski as executive chairman following the departure of John Murphy.

Having joined the lender as chairman in April 2021, Mr Murphy’s retirement from the lender’s board resulted in an election for the vacant chairman position, which saw co-founder of Dynamoney, Mr Woszczalski, elected to the role unopposed.

The appointment to chairman took effect from yesterday and Mr Woszczalski’s selection will see him step back from his duties as co-chief executive, leaving fellow co-founder of Dynamoney, David Verschoor, as the sole CEO of the business.

Commenting on his move to the role Mr Woszczalski stated: “Dynamoney is an incredible business that has gone from strength to strength since its founding.

“I am excited to continue to support our shared mission of delivering opportunities for growth to Australian SMEs through our dynamic and innovative approach to financing.

“Taking on the role of chairman is an exciting opportunity for me and I look forward to continuing my close working relationship with David as we work together to build Dynamoney into the premier non-bank lender for Australian small businesses.”

Mr Verschoor confirmed that the remainder of the Dynamoney board remained unchanged with the other board members re-elected to their positions for a further term.

He added: “We’re seeing growth across our business, proof that our approach to SME financing is what the market needs. I’m excited to continue to work closely with Greg as we build Dynamoney further, expanding our capabilities and expertise as an organisation that’s better for business.”

The leadership shuffle cames after it was announced earlier this month that Grow Finance would rebrand to Dynamoney.

At the launch of the rebrand, Mr Verschoor stated: “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.”

As part of the rebrand, the organisation revealed that it would 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 market.

[Related: Grow Finance appoints board members]