One of Australia’s top fintech companies, Prospa, has announced hitting $200 million in loan originations, making the company a "leading force in Australia’s non-bank finance sector".
Dubbing it a "milestone announcement", it "coincides with the company securing additional capital from a large local institutional funder for its latest financing round, taking total capital raised to over $100 million".
Beau Bertoli, joint chief executive of Prospa, noted the additional $50 million debt capital raising is "part of Prospa’s strategy to scale operations".
Bertoli said: “This is a significant milestone for our business. It means we can meet increasing demand from small businesses for fast, easy access to finance. And it means we can continue to quickly scale.
“We’re growing fast, and getting smarter. We’ve found new funding sources. We’re coming up with new ways of doing things like evaluating credit risk, developing products, supporting our customers, partners and people. We’ve been able to lower our cost base as a result and we’re passing the benefit of these innovations on to our customers as pricing improvements.”
Bertoli added “reaching $200 million was driven by designing amazing solutions for the big problem facing Australian small businesses: access to finance.
“It’s about timing and accessibility. Unlike the traditional banks, we make fast decisions. We talk to small business owners so we can customise a solution for them – rather than fit them into a product-shaped box. We look for ways to help them, not reasons to say no.
“Australian small business owners trust us. We have the track record, we have quality partners, we have been recognised with awards like being named the best Australian company in KPMG’s third annual global Fintech 100 list.”
Prospa was ranked #31 globally, with Bertoli proudly noting “it was an honour to make the list for the second year running".
“We’re the highest ranking Australian innovator and for us as a company, it’s really satisfying to be leading the charge for Australian fintechs.”
“We’re a pioneer in the fintech space in Australia and we’re in our fifth year now. We’ve observed what’s been happening around the world and that’s given us the insight to build the business we want, one that is built to last.”
In the last three months Prospa has also announced what it dubs as "two key partnerships":
- The first with accounting software provider Reckon,
- and the second an innovative partnership with small business educator The Entourage.
“As the fastest growing technology company in Australia, we are determined to remain the leading online small business lender, work with quality partners that share our values, and put customers at the centre of everything we do,” Bertoli concluded.
Here’s one of Prospa’s company videos celebrating the ‘Just Pets’ success story: