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The SME lender has welcomed a new chief risk officer as the predecessor and co-founder moves to a non-executive role.
Banjo Loans’ co-founder and former chief risk officer (CRO), Andrew Colliver, has moved into a non-executive director role on the board, amid a range of board changes as the company continues to expand.
Mr Colliver, who co-founded the SME lender with the company’s chief technology officer Julian Hedt in 2014, will remain involved with the business but will no longer have a C-level position.
Instead, Andrew Ward — a financial services advisor and NAB’s former executive for the commercial management unit within home ownership — has stepped into the role of CRO.
The changes became effective at the beginning of this financial year.
Banjo Loans chief executive officer (CEO) Guy Callaghan commented: “It’s a notable change to our leadership team and one we have been preparing for a while.
“Andrew [Colliver] has exceptional experience and insight which he will continue to provide from his new position on the board.”
The CEO added that Mr Ward’s “strong track record, in-depth risk expertise, and experience across Australian consumer and business credit mean he’s ideally suited to lead [Banjo’s] risk function into the future”.
“In addition, he has proven leadership skills which will enhance our team,” he said.
As well as the CRO change, Banjo has also recently welcomed new members to the board.
Rick Sawers, a former executive director of Clydesdale Bank and former chairman of Great Western Bank, has joined the board as a non-executive director, as has Jessica Box, the senior director of product at social media reference platform LinkTree.
The new board members will help oversee the company’s growth and expansion.
According to the fintech, it has grown its team by 50 per cent in the past year, recorded 200 per cent growth in outstanding loan book over 12 months and a 100 per cent increase in loan drawdowns, and also recently expanded its product offerings with additional working capital solutions and asset finance.
Mr Callaghan commented: “Sometimes, it takes a small business to understand a small business. We have undergone the same growth phases as many of the businesses we work with, and it is this experience that we bring to help them grow and get the most from their business.
“With this advanced portfolio, we aim to make it easier for businesses to reduce non-price barriers to accessing finance. We’re automating the processes for small business lending and simplifying the application process, which in turn reduces processing times for our customers” Mr Callaghan added, suggesting the lender would continue to enhance its product offering as it grows.
[Related: Banjo expands to Connective panel]
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