Non-bank lender Banjo Loans has appointed banking veteran and finance executive Simon Beckett as its new chairman, as the company aims to double its loan book in the next two years. Melbourne-based Beckett replaces Rick Sawers, who is retiring after nearly four years in the role.
"Banjo is now in a fantastic stage of its growth," said Guy Callaghan, the firm's chief executive officer. He added that the non-bank, which was founded in 2021, is no longer a startup, but rather an established brand.
"So [we] can look at different opportunities that are out there that are going to fit with us," he explained.
The CEO said the non-bank has been gaining traction for several years.
"We have been growing 40%-plus for the last two years," Callaghan told Australian Broker exclusively. "We are now a size where economies of scale come into play. But we are also bringing in a new solution, our Banjo Line of Credit. Plus, we are getting more automated with our decision making for certain loans. Apart from [the product expansion] we will stick to our knitting. It has served us well."
He added that the anticipated gains will "mainly come from brokers. Brokers are key to our growth."
That focus is also reflected in the company’s recent leadership moves.
“Simon’s skills and network will help a lot with that," he added. "Whether it’s M&A, or working together with different businesses that complement each other."
At the same time, the firm recently laid out its latest growth targets: grow Banjo's loan volume and client list by 50% by financial year 2028.
“Our whole goal is to be Australasia's favourite non-bank lender; we want to be the lender that people just keep coming back to and back to," Callaghan said.
“We don't want to re-invent the wheel, because our model is [already] working," he added. "We just want to get better at what we do."
Beckett arrives at Banjo with approximately three decades of experience in Australia's financial services sectors, as well as a brief stint in the UK. His expertise spans M&A, fundraising and international growth.
His resume of leadership positions includes managing director, commercial distribution finance at Wells Fargo Australia; managing director, commercial distribution finance at GE Capital; founder and chief executive officer of venture capital and advisory firm First Avenue Ventures; and chief risk officer and chief commercial officer of Angle Auto Finance, among other senior-level roles.
The seasoned executive also currently sits on the board of Brisbane-based financial services firm Soda Capital and fintech platform Karia, as well as non-executive director positions at non-bank Orde Financial and Heartland Group.
Banjo Loans — which was founded by former National Australia Bank (NAB) executives Andrew Colliver, Julian Hedt and Stephen Murphy — specializes in business lending, including small- and medium-size enterprise (SME) lending, asset finance and business bridging loans. The firm reported $200 million of loans written each year, or about a billion dollars in loans since its inception.
"The financial shape of [Banjo] is excellent," Beckett said.
"The segment that it serves offers enormous opportunity," he added. “But they're very poorly served by the banks; it’s a segment I'm particularly passionate about serving. I want to bring what I've learned in the board space and in my executive career, together with my networks in the private equity and non-bank space, to help fuel the next phase of growth for Banjo and explore synergies and opportunities that will take the business to the next level.”
Callaghan added that current global tensions haven't noticeably impacted the SME space yet.
"Our portfolio is in very good shape," he said. "However, who knows what is around the corner and the contagion risk if this situation in the Middle East continues."
