An online SME lender has recently announced that it passed the $1bn mark in loan originations for businesses throughout Australia and New Zealand.
The milestone comes after a successful year for Prospa, which has been exhibiting growth at a rate faster than anticipated.
In 2018 the lender showed $436m in loan originations, 51% growth on the year before and 13% ahead of forecast.
According to CFO Ed Bigazzi, the momentum has held into the new year.
“It’s been a healthy start to the 2019 financial year for originations, revenue and EBITDA and we’ve laid strong foundations for our growth plan,” he said.
A crucial element of said plan is the newly established New Zealand expansion.
“We have successfully completed a pilot program in the New Zealand market, delivering loan originations of approximately NZ$10m in the first six months and we’re looking forward to continuing this trajectory as we scale up our operations,” said Beau Bertoli, co-founder and joint CEO of Prospa.
In addition to the New Zealand activity and funding efforts of the last year, the lender has implemented a series of board changes and senior appointments.
As of last month, Gail Pemberton AO stepped from acting as a non-executive director into the role of chairman. Emma Robinson joined as chief marketing officer, and Elise Ward was brought on as GM of people and culture.
Looking ahead yet further, the lender estimates the potential market opportunity for small business lending in Australia exceeds $20bn per annum.
“We expect momentum to continue in 2019. We intend to launch our line of credit in Australia in the second half as a convenient and flexible source of funds that puts small business owners in charge of their finances. We will also continue to build a better business loan that provides fixed-term finance for small businesses,” concluded Bertoli.