Search Result: prospa

Aug
06

Prospa named Best Employer by AON Hewitt for second year running

Prospa, Australia’s leading online lender to small businesses, has been named a Best Employer in the AON Hewitt Best Employers program for the second year in a row. Prospa, headquartered in Sydney, underwent an employee engagement survey and an inventory of their people practices and internal interviews, in order to be eligible for one of the most sort after, and credible, employer awards across Australia and New Zealand. The accreditation looks at a number of factors, such as agility within the business, staff benefits and new hire turnover, in order to determine whether a business is of Best Employer status. Prospa was awarded the status this year due to its […]

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Jul
19

Prodigal Prospa returns to investors for equity

Online small business lender Prospa has gone back to the drawing board following a dramatic false start to its mooted ASX listing. Following the 11th-hour shelving of its initial public offering last month, Street Talk understands the company is considering a range of options including a private raising The company’s co-founders and joint chief executives Beau Bertoli and Greg Moshal are working through how an additional pre-IPO raising would look and the quantum of funds required to fund Prospa’s near-term growth ambitions. The deal size is expected to be at least $40 million, correlating with the amount Prospa’s existing investors were originally looking to inject into the IPO. The private raise is one of several options being canvassed by Prospa. […]

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Jun
12

Westpac ends Prospa deal as banks plan more unsecured SME lending

Westpac Banking Corp has ended its referral relationship with Prospa, a sign major banks are preparing to ramp up unsecured small business lending to try to regain some of the market that has been surrendered to start-ups. After Prospa indefinitely postponed its ASX listing last week amid questions on whether its loan contracts breached new laws, the online business lender faces more intense competition from big banks who are developing new products to lend more to small business without requiring residential property to be pledged as security. “We did not continue our contract with Prospa because we are working on developing our own products that will satisfy more of our […]

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Jun
11

Prospa founders admit float lost ‘vital momentum’

The co-founders of small business lender Prospa maintain the company can return to the public markets for a future float, after a last-minute regulatory query this week created “confusion” that sapped the listing of vital “momentum.” Prospa was meant to be one of most-watched floats of 2018, but these plans were thrown into disarray this week as scrutiny from regulators apparently caught the company, and its investment bankers, off-guard. After Thursday night’s decision to postpone the float, on Friday, co-founders Greg Moshal and Beau Bortoli said Prospa was taking the opportunity to “regroup” and one day return to the public markets. Prospa had been due to list around lunchtime on […]

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Jun
07

Online lender Prospa delays float 30 minutes to listing

The sharemarket float of online lender Prospa has been postponed about half an hour before the planned listing, after the corporate watchdog wanted further details of its small business loan contracts. Prospa and its joint lead managers – investment banks UBS and Macquarie – said the 48-hour delay was because it was “seeking to clarify queries raised by ASIC yesterday in relation to Prospa’s small business loan terms,” as part of a wider review. “Prospa was first contacted yesterday by ASIC in relation to its industry-wide review of small business lending – bank and non-bank. The review covers a range of topics,” a Prospa spokeswoman said. “We take our legal […]

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May
21

Prospa float reveals a new world of online business financing

Online small business lender Prospa is set to hit the ASX on June 6 with a market capitalisation of $576 million. It’s a lofty valuation for a relatively new business lender with a net loan book of $200 million and a statutory net profit in the 2017 financial year of just $1.2 million. But the number – settled after an institutional book build for Prospa shares last Thursday – points to the aggressive growth aspirations for the Sydney-based group, which is raising $146 million in an initial public offering fully-underwritten by Macquarie Capital and UBS. In its prospectus filed with the corporate regulator on Monday morning, Prospa said it expects to originate […]

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Prospa books open, offer size reduced

Macquarie and UBS’s equities desks have started beating the drum for ASX-aspirant Prospa. The brokers opened Prospa’s IPO bookbuild on Thursday morning, with news the offer size had been reduced. Some of the online small business lender’s existing shareholders have cut the size of their selldown. Prospa is now seeking to raise $141 million to $147 million, according to terms sent to fund managers. The first $100 million is pegged for the company while $41 million to $47 million represents the shareholder selldown. It had initially been targeting up to $60 million for the selldown. The price was retained at $3.04 to $3.83 a share, as was the targeted market capitalisation […]

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Prospa appoints Non-Executive Directors and Chairman

Prospa, Australia’s #1 online lender to small business, has today announced the appointment of Gail Pemberton AO and Fiona Trafford-Walker as Independent Non-Executive Directors to the Prospa Board. In addition, current Non-Executive Director Greg Ruddock has been appointed to the role of Chairman of the Board, having recently stepped down from the Board of Eclipx Group Limited to focus on Prospa. The new Board members will join existing Non-Executive Directors Avi Eyal from Entrée Capital, James Cameron from AirTree Ventures, and Executive Directors and Co-Founders Greg Moshal & Beau Bertoli. Joint CEO Greg Moshal commented: “Prospa’s success has been the result of a group of smart, talented and passionate people […]

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