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The SME lender has launched an SME overdraft credit card, believed to be an Australian first.
Dynamoney Limited (formerly known as Grow Finance) has launched an SME overdraft credit card to new and existing approved customers, powered by Mastercard.
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As announced in September 2023, the Dynamoney Mastercard® credit card aims to help SMEs acquire goods and services from retailers by using the overdraft credit card.
The card – which is available to customers via the online customer portal or through their broker – works by connecting to the Dynamoney SME overdraft facility and allows customers to complete direct payments for business expenses both nationally and internationally.
Customers can also have multiple credit cards for their business connected to one account, which is managed via the Dynamoney mobile app and enables users to monitor business purchases and company spending in real time.
Dynamoney is also offering a digital card via Apple Pay and Google Pay as part of the service offered to approved applicants.
Speaking of the launch, Dynamoney’s chief executive David Verschoor said: “This is a real first for Australian SMEs, we’re offering something nobody else does – something that is better for business, ensuring business owners can manage their purchases and expenses faster and easier than ever before.
“Working with Mastercard has allowed us to launch a real innovation for Australian small-business owners, and there is more to come in the future as we continue to work towards our ambition of being the leading non-bank lender in Australia.”
Dan Martin, the vice-president and head of digital partners for Australasia at Mastercard, stated: “Small businesses are the backbone of the Australian economy, and yet are often the target of bad actors – especially as more business takes place online.
“Mastercard is excited to work with Dynamoney to offer these organisations peace of mind, while providing more choice in the way they pay for their purchases,” noting that transactions are protected by the global payment company’s security and fraud prevention technology.”
The launch of the SME overdraft credit card came after the lender pulled out of invoice and trade finance offerings.
Speaking to The Adviser about the change in its offerings last year, Verschoor said: “We have to focus our resources on things that we could be really good at ... And we couldn’t be good at everything. So we decided that asset finance, business loans, insurance premium financing and credit cards were the areas that we wanted to focus on.”
[Related: Grow Finance pulls out of invoice finance and trade finance]
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