Tim Wixon has put debt funding into more than 1,700 New Zealand tech companies. He has never taken a single share of equity in any of them.

As Head of Technology and Innovation at BNZ, Tim spent 11 years building a lending model most traditional bankers said was impossible. Debt against recurring revenue, interest only while you scale, no personal guarantees, and no dilution. His first deal set the tone: five million dollars to a zero-profit software company buying another zero-profit company, secured only against the software. His colleagues laughed when he said he wanted to fund tech. One deal led to another, and it grew into a portfolio of over 1,700 companies. A former lawyer and FMA regulator, Tim brings an outsider's clarity to how founders should actually think about capital. This is the clearest explanation of non-equity funding you ...