Grow Finance Group has today announced the acquisition of Australian Invoice Finance Limited (AIF), which follows the successful acquisition of the $121M Eclipx Commercial business in September 2019.
The progressive team at Grow Finance continues to build out its fintech platform to expand the growth of its Small and Medium Business (SME) finance facilities.
AIF is a successful invoice finance business with experienced and dedicated staff around the country.
“Providing more lending products to our existing and prospective clients is the driver from Grow’s standpoint,” says Co-CEO David Verschoor.
Grow prides itself on speed of delivery and competitive pricing in the non-bank lending space and now boasts a SME finance product range which includes Asset Finance, Invoice Finance and Trade Finance.
“Improving the client experience by having a central point to provide funding for their business needs, reduces the number of applications required and allows speed of getting the funds in our clients’ accounts,” says Co-CEO, Greg Woszczalski.
The parties commercially agreed the transaction in early March 2020 and it completed despite the challenging landscape of COVID-19.
Grow is expected to continue to deliver fast, dependable finance solutions to the benefit of small and medium size Australian businesses. The team at Grow has now funded over $619M to Australian businesses since inception and currently has more than 7500 client contracts.
Including the AIF team, Grow Finance now has 50 staff.
“Grow is delighted to welcome the AIF team and to add this important SME finance product to our existing and prospective client base,” says Woszczalski.