Prospa (company)
{{short description|Australian financial technology company}}
{{Use dmy dates|date=March 2025}}
{{Use Australian English|date=March 2025}}
{{Infobox company
| name = Prospa
| logo = Prospa logo (2025).png
| logo_caption =
| type = Public
| traded_as = {{ASX|PGL}}
| industry = Financial services
| founded = {{start date and age|2011}}
| founders = Beau Bertoli
Greg Moshal
| hq_location_city = Sydney, New South Wales
| hq_location_country = Australia
| areas_served = Australia
New Zealand
| key_people = Greg Moshal (CEO)
| products = Business loan
| owner =
| num_employees =
| num_employees_year =
| parent =
| website = {{URL|prospa.com}}
{{URL|prospa.co.nz}}
}}
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.{{Cite web|url=https://www.smh.com.au/business/small-business/westpac-pilots-sme-lending-with-fintech-prospa-20151119-gl32wg.html|title=Westpac pilots SME lending with fintech Prospa|first=Shaun|last=Drummond|date=November 20, 2015|website=The Sydney Morning Herald}}
History
Prospa was founded in 2011 by Beau Bertoli and Greg Moshal.{{Cite web|url=https://www.ft.com/content/699e96f2-0a70-11e8-bacb-2958fde95e5e|title=Online lender Prospa challenges Australia's big banks|first=Jamie|last=Smyth|date=April 10, 2018|website=Financial Times}} It was founded in response to the cash flow difficulties that small and medium-sized enterprises (SMEs) in Australia face in securing bank financing.{{Cite web|url=https://www.smh.com.au/business/workplace/meet-the-boss-prospas-beau-bertoli-20160722-gqc2ss.html|title=Meet the boss: Prospa co-CEO Beau Bertoli|first=Sue|last=White|date=July 22, 2016|website=The Sydney Morning Herald}}
In 2017, Prospa raised A$25 million from AirTree in a funding round that valued Prospa at A$235 million.
In 2018, Prospa was listed on the Australian Securities Exchange, raising A$110 million in the initial public offering.{{Cite web|url=https://www.afr.com/chanticleer/prospa-started-asx-life-with-a-bang-it-s-ending-with-a-whimper-20240227-p5f885|title=Prospa started ASX life with a bang. It's ending with a whimper|date=February 27, 2024 |first=James |last=Thomson |website=Australian Financial Review}}{{Cite web|url=https://www.afr.com/companies/financial-services/prospa-float-postponed-20180607-h113ko |title=Prospa float postponed |first1=James |last1=Eyers |first2=Jonathan |last2=Shapiro|date=June 7, 2018 |website=Australian Financial Review}}{{Cite web|url=https://www.abc.net.au/news/2018-06-08/prospa-ipo-delayed-again-48-hours-later/9848680|title='Biggest float' of 2018 on hold as regulators investigate potentially unfair loan contracts |first=David |last=Chau |date=June 8, 2018|via=Abc.net.au}} A year later, in 2019, Prospa was launched in New Zealand.{{Cite web|url=https://www.brokernews.com.au/news/breaking-news/lender-thrives-in-underserviced-nz-market-262239.aspx|title=Lender thrives in "underserviced" NZ market |first=Madison |last=Utley |date=April 18, 2019}} By 2022, Prospa had achieved a milestone of lending $3 billion to small businesses.{{Cite web|url=https://www.prospa.com/about-us/in-the-news/prospa-achieves-3-billion-in-lending|title=Prospa achieves $3 billion in lending to small business}}
In 2024, Salter Brothers Tech Fund led the consortium to take Prospa private and acquired a minority stake in Prospa for $74 million.{{Cite web|url=https://www.afr.com/street-talk/salter-brothers-puts-prospa-shareholder-out-of-their-misery-with-bid-20240227-p5f83n|title=Salter Brothers puts Prospa shareholders out of their misery|date=February 26, 2024 |first1=Sarah |last1=Thompson |first2=Kanika |last2=Sood |first3=Emma |last3=Rapaport |website=Australian Financial Review}}
Operations
Prospa is active in Australia and New Zealand with headquarters located in Sydney, New South Wales, Australia.{{Cite web|url=https://www.nzherald.co.nz/business/small-business/small-business-lender-raises-red-flag-over-govt-business-finance-scheme/6GW2RFUH5EFWK5FB6QBIT2NVTI/|title=Small business lender raises red flag over Govt business finance scheme|date=February 28, 2025 |first=Tamsyn |last=Parker|website=NZ Herald}}
Products and services
Prospa provides business loans and line of credit to small and medium-sized enterprises (SMEs) in Australia, ranging from A$5,000 to A$500,000 with terms up to five years.
Technology
Propa's Credit Decision Engine evaluates over 450 data points, primarily from third-party sources, to determine the creditworthiness of applicants.{{Cite web|url=https://www.smh.com.au/business/markets/prospa-looks-to-navigate-market-turmoil-in-second-ipo-attempt-20190514-p51n4f.html|title=Prospa looks to navigate market turmoil in second IPO attempt|first=Colin|last=Kruger|date=May 14, 2019|website=The Sydney Morning Herald}} Accordingly, it typically provides a decision on the same day, and funds are disbursed within hours of documents signed.
Propsa's platform is accessible via online web portal or through mobile apps available on iOS and Android.{{Cite web|url=https://www.prospa.com/business-account|title=Business Account}}
In 2024, Prospa launched Prospa IQ, a tool that enables brokers to provide on-the-spot quotes.{{Cite web|url=https://www.theadviser.com.au/broker/46310-prospa-unveils-new-quoting-tool-for-brokers|title=Prospa unveils new quoting tool for brokers|first=Ben|last=Squires|date=October 30, 2024|website=The Adviser}}