Endeavor Founder Stories | Episode 2: Dov Girnun, Founder & CEO of Merchant Capital

The Origin: Purpose Over Profit

Dov comes from a massive family of entrepreneurs, but his path wasn’t a straight line. His first job out of university was at a London hedge fund—a role he chose primarily for the money. He quickly realized that chasing numbers without purpose left him hollow.

Returning to South Africa, he identified a critical gap: SMEs are the lifeblood of the economy, yet they are starved of working capital. He knew he wanted to build something that left a legacy, not just a balance sheet.

“Fin” Before “Tech”: The Excel Reality

In the startup world, there is immense pressure to have a perfect tech stack from day one. Dov admits that for the first five years, Merchant Capital was “FinTech” in name only.

The business ran almost entirely on Excel spreadsheets. This period was crucial—it allowed the team to prove the business model and solve the customer’s problem before investing millions in proprietary technology. It is a lesson in execution over perfection.

Radical Humility in Hiring

A defining moment for the company’s scalability came when Dov realized he needed to transition from spreadsheets to true software. He found the best CTO in the country, David Rynders, but there was a catch: Dave needed a salary that was double what Dov, the Founder and CEO, was paying himself.

“I remember interviewing him… He said, ‘Dov, I’ve bought into your story… but I need to earn X.’ I did quick arithmetic and worked out it was double what I was earning. We hired Dave there and then. It was the best decision we ever made.”

By checking his ego at the door, Dov unlocked the next phase of growth for the business.

The Multiplier Effect: Why We Do What We Do

For Dov, Merchant Capital isn’t just about lending money; it’s about solving systemic economic issues. He describes the “Multiplier Effect” of the SME sector:

When you fund a restaurant owner to renovate, they might hire four new waiters. In the South African context, those waiters likely support three family members each. Suddenly, a single working capital transaction has positively impacted the lives of 12 people. With over R4 billion invested to date, the business has become a catalyst for employment across the country.

Leadership, Bio-Hacking, and Perspective

How does a CEO sustain this pressure over 13 years? Dov is a proponent of “bio-hacking”—using ice baths, saunas, and non-negotiable morning exercise to manage his mental state.

He also shares a deeply personal story about his mother’s battle with a brain tumor. Driving home from the hospital and thinking about the neurosurgeons who save lives daily, he realized that business stress—while real—is rarely life or death. This “perspective” allows him to lead his team with clarity, even during crises like the COVID-19 pandemic.