Prospa reached $1.4 billion in loans originated

Australian alt lender Prospa, which went public in June 2019, has released its results for the second half of 2019: In the six months ending on December 31, Prospa’s loan originations stood at approximately AU$306.8 million ($201 million), bringing originations for the calendar year to about AU$583 million ($382 million), up 34% when compared with the prior year.

Prospa’s total originated loans came in around AU$1.4 billion ($920 million) and have been delivered to nearly 27,000 businesses since it was founded in December 2012. Prospa focuses on small business loans, with the companies taking out credit from AU$5,000 ($3,273) to AU$300,000 ($196,356).

Businesses are able to apply for a loan within 10 minutes, and funding is possible within 24 hours. Additionally, there’s no asset security required for loans of up to AU$100,000 ($65,452).

Over the past year, Prospa has focused on geographical expansion and technology development, which will help it boost loan originations in the future.

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Source: Prospa reached $920 million in loans originated – Business Insider – Business Insider