Prospa rebounds strongly after Covid in FY21 results

by Mike Wood23 Aug 2021

Fintech SME lender Prospa has announced record loan originations as part of their FY21 financial results.

The non-bank smashed their per-quarter record, marking a solid comeback from the Covid-induced slowdown in the middle of 2020.

In total, Prospa originated nearly $500 million in loans to small businesses, with a customer base of 11,900 SMEs.

FY21 net loss after tax improved to $9.5 million from FY20’s loss of $24.9 million, while revenues dropped to $118m from $142m, factoring in the effects of 2020 and the pandemic.

They cited high levels of customer satisfaction and their third party partners as the sources of their growth.

In particular, their 80% Net Promoter Score, a key metric of customer happiness, was singled out as a driver of Prospa’s success, as was their ranking as the best online small business lender in Australia and New Zealand by Trustpilot.

“Being able to support so many small businesses during such a trying year has been truly rewarding,” said Beau Bertoli, Co-Founder and Chief Revenue Officer.

“While restrictions are no doubt a difficult setback for many, we know small business owners are resilient, and we will once again rally around them to show support.”

“We have witnessed many small businesses owners pick themselves up to focus on recovery and growth. Our broker partners have been working tirelessly to champion small businesses and collaborate with us to find solutions that fit their clients’ needs.

“We’re proud of the support we’ve been able to offer to not only help businesses recover, but also take hold of new opportunities and even grow and expand their operations during times of uncertainty.”