# He’s invested $billions and not taken a single share of equity | Tim Wixon | 2 Commas with Josh Comrie

Page: https://stenobird.com/podcast/2-commas-the-multi-million-exit-show-with-josh-comrie-7062695/he-s-invested-billions-and-not-taken-a-single-share-of-equity-tim-wixon-2-commas-with-josh-comrie
Text version: https://stenobird.com/podcast/2-commas-the-multi-million-exit-show-with-josh-comrie-7062695/he-s-invested-billions-and-not-taken-a-single-share-of-equity-tim-wixon-2-commas-with-josh-comrie.md
Podcast: [2 Commas: The $multi-million exit show with Josh Comrie](https://stenobird.com/podcast/2-commas-the-multi-million-exit-show-with-josh-comrie-7062695)
Published: 2026-07-22T14:37:02+00:00
Episode link: https://rss.com/podcasts/two-commas-the-7-figure-plus-exit-podcast-with-josh-comrie/3012738
Audio file: https://content.rss.com/episodes/295273/3012738/two-commas-the-7-figure-plus-exit-podcast-with-josh-comrie/2026_07_22_14_36_20_8e71b2ec-f583-416b-949d-60e50f9c86dc.mp3
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Duration seconds: 4059

## Resource

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'll hear from anyone in New Zealand. We get into: How BNZ funds companies with no profit, no tangible assets, and no personal guarantees Why interest-only debt while you grow can protect your cap table better than a raise The lead indicators Tim looks for that most founders never track What the SaaS apocalypse did to founder attitudes toward debt in NZ The one question that turns a bank's no into a roadmap Debt or dilution is a choice most founders make without understanding one side of it.

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## Transcript

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