Prospa prospers in NZ and plans new product

The New Zealand operations of ASX-listed small business lender, Prospa, “continues to contribute significantly” to the group’s performance.

The company said in a quarterly update to the market that originations in New Zealand were up 57% to $28.3 million, compared to the corresponding period last year.

Late last year at the company’s annual meeting chief executive Greg Moshal said; “our New Zealand business continues to go from strength to strength with FY21 originations growth of 77% compared to pcp and has once again made considerable contribution to the overall results.”

“We have a highly motivated team on the ground in New Zealand, who have in just two years helped Prospa achieve and maintain the number one position in the non-bank financial services category on independent review site Trustpilot.”

Prospa is planning to launch its Line of Credit in New Zealand this year, he said. The product provides businesses the choice to use as little or as much as they need within their facility limit, this can be for unexpected opportunities or expenses, with customers paying interest only on their drawn balance.

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Source: Prospa prospers in NZ and plans new product – Good Returns