Following its official listing on the Australian Securities Exchange (ASX) yesterday afternoon, small business lender Prospa has big plans for the future.
“Prospa has been seven years in the making. We’re proud of our achievements and this is great confirmation for the team that we’re doing great work, that investors are seeing it and that they’re happy to keep supporting us,” said founder and joint-CEO, Greg Moshal.
“It’s a never-ending process, but we’ve got continued plans and the capital will allow us to move at the pace we want to move at in order to support our partners and customers,” he added.
The lender launched its initial public offering in mid-March. Under the IPO, Prospa sold 29 million shares at $3.78 per share to raise $109.6m. Following IPO settlement, the company will have 161.4 million shares on issue worth $609.9m at the IPO price.
“Looking to the future, this gives us the capital we need to strengthen the business. That’s going to include us expanding geographically into New Zealand, continuing to build our price proposition to make it even better, and continuing to find ways to help our partners and provide their clients better solutions,” Moshal explained.
According to Moshal, Prospa will continue to reduce friction for its partners through making submissions easier and working towards getting clients a faster decision.
He added, “We’ve also just recently reduced our funding costs and we decided to pass that on to our customers. Of course, that benefits our partners as well by leading to even better offerings.”
Prospa welcomed new investors to the share register alongside current shareholder AustralianSuper, and existing long-term investors, Entrée Capital, AirTree Ventures and SquarePeg Capital.
“It’s been a big day for Prospa. We’re pretty excited,” concluded Moshal.