GROW Inc. names new chief executive

The super administrator welcomed its recruit this week, replacing inaugural chief and co-founder Matthew Keeley.

John Banfield is now chief executive of GROW Inc., bringing an extensive knowledge of the technology and payments landscape.

He was most recently at illion where he was chief executive for the past three years, including playing a key role in the transformation that saw it acquired by Experian last year.

He was also previously chief executive of BPAY, where he oversaw the development of Osko.

"I feel incredibly privileged to leas a team of hard working and experienced experts at a time where the value proposition is both competitive and differentiated in order to make a significant impact in the marketplace," Banfield said.

Banfield is replacing Keeley, who announced in November 2024 that he felt it was right to hand the reins to someone new as the business entered its next growth phase.

At that time, executive chair Rob Johnston was named acting chief executive and former BT Financial Group chief executive Brad Cooper stepped into the role of chair.

GROW started out in 2016 as Grow Super, a superannuation product that aimed to disrupt the market. While its success was limited, ultimately merging into OneSuper in 2020 before closing entirely in 2022, during that time the team behind GROW recognised the need for innovation in the super administration arena.

It shifted focus in 2021 and has since signed several major super funds as clients, including Australian Ethical, Vanguard, and NGS Super.

In 2023 it also won a mandate from HESTA. The transition from MUFG Pension and Retirement Services - formerly Link Group - to GROW Inc. has been a point of serious contention for HESTA members and financial advisers of late, with the fund having implemented an extensive limited services period of seven weeks.

HESTA ended its relationship with MUFG after 10 years, opting for GROW Inc. as it was already administrator for Mercy Super, with which it merged in late 2022.