Prospa reveals new look, all-in-one business account

Lender hopes SME offering will rival big banks

Prospa reveals new look, all-in-one business account

Online small business lender Prospa has unveiled its new brand and the first all-in-one business account offered by a non-bank.

Prospa said the progressive new brand and logo (pictured below), which it launched on Tuesday, signified a new era in small business financial management services.

The non-bank lender said it hoped to rival the major banks by expanding its product portfolio with the launch of what will become the country's first non-bank all-in-one business account for small business.

Prospa CEO and co-founder Greg Moshal (pictured above) said the past three years have been a time of great change for small businesses, with “shifts in the challenges they’re facing, the solutions they need and their outlooks for the future”.

“Over the past 10 years, Prospa has put our knowledge and understanding of small business to work,” Moshal said.

“We’ve continued to invest in research, and listened to our customers, which has prepared us for the next 10 years of growth.

“We know small business owners are time poor and using an average of six to eight apps for day-to-day financial management, and that access to working capital is still the biggest issue they face. It’s why we’ve introduced the Prospa Business Account.”

Moshal said the business account signalled the next step in Prospa’s evolution and underpinned its commitment to help unleash small business potential, via its “simple, seamless, and stress-free financial management platform”.

He said the company hoped to disrupt traditional banks with cutting-edge, technology-driven solutions.

The Prospa Business Account gives SME owners the ability to make instant payments, provides a Visa Business Debit Card and a “24/7 holistic view of all Prospa financial accounts via desktop or mobile app”, and an upcoming overdraft, which is currently in pilot phase.

The account means businesses can manage cash flow all in one place, via a free, easy-to-use account with no minimum balance or deposits needed. 

Prospa has been growing steadily. The SME lender enjoyed record first-quarter revenue and loan originations in Q1 FY23, with originations reaching $205.5 million, up 60% on Q1 2022. Revenue reached $63.7m, up 69%.

Moshal said Prospa boasted a decade-long history of revolutionising small business finances, having loaned over $3bn to small businesses in Australia and New Zealand.

“From day one, we have aimed to give our customers an experience that is not just a little bit better, but 10 times better. It’s why we invest in deeply understanding our customers and what pain points small businesses have – and what the traditional banks aren’t solving.”

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