 | |
| Company type | Public |
|---|---|
| ASX: PGL | |
| Industry | Financial services |
| Founded | 2011 |
| Founders | Beau Bertoli Greg Moshal |
| Headquarters | , |
Areas served | Australia New Zealand |
Key people | Greg Moshal (CEO) |
| Products | Business loan |
| Website | prospa prospa |
Prospa is an Australian financial technology company specializing in online lending services for small and medium-sized enterprises (SMEs). It is based in Sydney, New South Wales and has operations in Australia and New Zealand. [1]
Prospa was founded in 2011 by Beau Bertoli and Greg Moshal. [2] It was founded in response to the cash flow difficulties that small and medium-sized enterprises (SMEs) in Australia face in securing bank financing. [2] [3]
In 2017, Prospa raised A$25 million from AirTree in a funding round that valued Prospa at A$235 million. [2]
In 2018, Prospa was listed on the Australian Securities Exchange, raising A$110 million in the initial public offering. [4] [5] [6] A year later, in 2019, Prospa was launched in New Zealand. [7] By 2022, Prospa had achieved a milestone of lending $3 billion to small businesses. [8]
In 2024, Salter Brothers Tech Fund led the consortium to take Prospa private and acquired a minority stake in Prospa for $74 million. [9]
Prospa is active in Australia and New Zealand with headquarters located in Sydney, New South Wales, Australia. [10]
Prospa provides business loans and line of credit to small and medium-sized enterprises (SMEs) in Australia and New Zealand, ranging from A$5,000 to A$500,000 with terms up to five years. [2]
Propa's Credit Decision Engine evaluates over 450 data points, primarily from third-party sources, to determine the creditworthiness of applicants. [2] [11] Accordingly, it typically provides a decision on the same day, and funds are disbursed within hours of documents signed. [2]
Propsa's platform is accessible via online web portal or through mobile apps available on iOS and Android. [12]
In 2024, Prospa launched Prospa IQ, a quoting tool enabling brokers to instantly generate personalized quotes for business loans up to A$250,000 without affecting the client's credit score. Integrated into Prospa’s Partner Portal, the tool leverages the company's proprietary Credit Decision Engine for rapid, data-driven assessments. [13]