Fintech first to hit $500m of SME loans

The small business lender has also managed to double the size of its loan book over the past 12 months

Fintech first to hit $500m of SME loans



Small business lender Prospa has reached the milestone of half a billion dollars in loans for over 12,000 SMEs across Australia.

Hitting its sixth year, the company has managed to secure over $50m in equity and debt funding in 2017 alone, including a $25m equity round in February and an additional $20m of debt funding in July.

Prospa has also doubled the size of its loan book over the past 12 months while growing its team by more than 50% to 150 staff.

Before the firm was established, small business owners could not access capital unless they had an asset to put up as security, said Prospa co-founder and joint CEO Greg Moshal.

“And they certainly couldn’t do it in a fast easy way from the convenience of their own workplace.”

He said the lender had filled a need in the marketplace and was focusing on other ways to provide faster access to capital for customers as they needed it.

Beau Bertoli, Prospa’s other co-founder and joint CEO, said that the firm was taking a long-term view of its growth plans as it expanded.

“Awareness of fintech is at an all-time high, and the sector is at a tipping point in Australia.”

Consultation and action by the Treasury will help kickstart the next wave of innovation and growth and lead to an exciting future overall, he said.

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