Fintech Prospa has now written $750 million in loans

Fintech Prospa, a lender to small business which in June postponed an ASX-listing after being pinged about unfair loans terms, says it has now written $750 million in loans.

Loans for the year to June were $367 million, a 70% increase on the previous 12 months and 9% higher than prospectus forecasts with strong momentum in the fourth quarter.

For the six months to June 2018, loans hit $211 million, up 16% on prospectus forecasts and up 61% on the previous corresponding period.

Earlier this month Prospa confirmed it had removed or amended some of its contract terms seen as unfair following a review by corporate regulator ASIC.

Among the terms amended is an early repayment clause so that borrowers can now prepay a loan early without requiring Prospa’s consent.

Prospa estimates there is an addressable market for small business lending in Australia of more than $20 billion a year.

Looking ahead, Prospa is focused on continued growth via its core loan product in Australia and New Zealand and the launch of a line of credit product.

The business has originated more than $NZ1 million in loans in its first month of operation in New Zealand.

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Source: Fintech Prospa has now written $750 million in loans | Business Insider