 | |
| Company type | Private |
|---|---|
| ASX: PGL | |
| Industry | Financial services |
| Founded | 2012 |
| 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 2012 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] The IPO was initially delayed just 15 minutes before it was supposed to open, and later described as "bizarre". [4] The delay was triggered after issues regarding the fairness of their contracts were identified by regulators. [6] A year later, in 2019, Prospa was launched in New Zealand. [7]
In early 2024, Prospa acquired the loan portfolio from Zip Business, with a transaction valued at approximately $15.6 million. This move encompasses all remaining performing Australian commercial loans from Zip, which amount to approximately $18.4 million and were distributed among around 370 small businesses. [8]
In 2024, Salter Brothers Tech Fund led the consortium to take Prospa private and acquired a minority stake in Prospa for $74 million. [9] It was taken private at just A$ 0.45 per share, considerably lower than the A$3.78 it had sold for when it first went public. [4]
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 $5,000 to $1 million with terms up to five years. [2]
Prospa's Credit Decision Engine evaluates over 450 data points, primarily from third-party sources, to determine the creditworthiness of applicants. [2] [11] The software allows a fast turnaround on loan applications. [2] In 2024, Prospa launched Prospa IQ, a new quoting tool. [12]