Fintech SME lender Prospa continues to soar in the post-pandemic era, with strong originations of $40 million in October, up an impressive 84% from the same period last year.
The demand for credit from small and medium enterprises (SMEs) has only increased since the relaxed restrictions in Australia and New Zealand – Prospa’s two key markets – more so with the holidays approaching.
The company is expecting to sustain this momentum, having just launched the Prospa Plus Business Loan last month. Through this product, higher credit quality SMEs can receive funding up to $500,000 with no repayments for the first eight weeks until Dec. 31.
“The new financial year has kicked off to a great start, with increasing demand for credit set to drive strong momentum for originations over November and December, particularly in New Zealand,” said Greg Moshal, co-founder and chief executive officer of Prospa. “The introduction of Prospa Plus has enabled us to support more Australian and New Zealand small businesses as both nations demonstrate significant economic recoveries.”
Last August, Prospa announced record loan originations of $500 million as part of their FY21 financial results – a strong rebound after the company took a hit from the pandemic in mid-2020.
Prospa is using this financial success to thrust other marketing campaigns to further capitalise on economic recovery. For instance, the fintech lender is looking to expand its Line of Credit product to the New Zealand market in 2022 after a noted success in Australia.
Even more significant is its plan to offer an all-in-one business account, where customers can access lending, financial management and transactions in one streamlined platform. Beau Bertoli, co-founder of Prospa, said centralising solutions was necessary to assert Prospa’s continued relevance in the industry.
“We’ve seen that through a massive uptake of online products, including Prospa, over the last few years, and we’ve seen a lot of SME owners gravitate towards products that are embedded in other experiences. We want to be a leading, driving force there,” Bertoli said.
