Bank disrupter Prospa readies first pitch to fund managers
Privately-owned small business lender Prospa will start its search for new investors in coming weeks, when it fronts local and offshore fund managers ahead of a planned initial public offering. It’s understood Macquarie Capital and UBS’s equities desks have been booking fundies to meet Prospa management in Sydney, Melbourne, Auckland and Hong Kong during the first week of February, for a non-deal roadshow. Prospa’s expected to be pitched as the first true major bank disrupter in small business lending. It’s expected to tell fund managers it is the biggest unsecured lender to small business and also the biggest online lender to small business, with loan originations of more than $500 million. The meetings come ahead of […]
Victoria to launch two FinTech hubs
The Victorian Government has announced plans to launch two new FinTech hubs in Melbourne in partnership with local hub operators. The partnerships with Stone & Chalk and YBF Ventures (formerly York Butter Factory) will seek to facilitate the development of Melbourne’s FinTech sector. The Stone & Chalk hub will be located at Goods Shed North in Docklands. Already the home to cybersecurity organisations including the CSIRO’s Data61, the hub will be transformed into a FinTech and cybersecurity precinct. Meanwhile the YBF Ventures hub will be located on Bourke Street in the city and will offer a range of advisory services focused on helping FinTech start-ups develop and commercialise business concepts. […]
Prospa first Australian fintech to deliver a half billion dollars of small business loans
Prospa, Australia’s number one online lender for small business, has announced the delivery of more than half a billion dollars into the economy, providing loans to over 12,000 small businesses across the country. Now in its sixth year, Prospa has scaled rapidly, today placing second in the Fast 100 for 2017 thanks a 239 per cent average revenue growth since 2013-14. The AFR’s Fast 100 ranks the fastest growing companies in Australia, and in previous years has included the likes of Atlassian, Lonely Planet, SEEK and WebJet. 2017 has been been a bumper year for Prospa, having secured over $50m in equity and debt funding. The firm announced […]
