Prospa (company)
Australian financial technology company
From Wikipedia, the free encyclopedia
Prospa is an Australian financial technology company specializing in online lending services for small and medium-sized enterprises (SMEs). It is based in Sydney and has operations in Australia and New Zealand.[1]
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Company type | Private |
|---|---|
| ASX: PGL | |
| Industry | Financial services |
| Founded | 2012 |
| Founders | Beau Bertoli Greg Moshal |
| Headquarters | Sydney , Australia |
Areas served | Australia New Zealand |
Key people | Greg Moshal (CEO) |
| Products | Business loan |
| Website | prospa prospa |
History
Prospa was founded in 2012 by Beau Bertoli and Greg Moshal.[2] It was founded in response to the cash flow difficulties that small and medium-sized enterprises (SMEs) in Australia face in securing bank financing.[2][3]
In 2017, Prospa raised A$25 million from AirTree in a funding round that valued Prospa at A$235 million.[2]
In 2018, Prospa was listed on the Australian Securities Exchange, raising A$110 million in the initial public offering.[4][5][6] The IPO was initially delayed just 15 minutes before it was supposed to open, and later described as "bizarre".[4] The delay was triggered after issues regarding the fairness of their contracts were identified by regulators.[6] A year later, in 2019, Prospa was launched in New Zealand.[7]
In early 2024, Prospa acquired the loan portfolio from Zip Business, with a transaction valued at approximately $15.6 million. This move encompasses all remaining performing Australian commercial loans from Zip Co, which amount to approximately $18.4 million and were distributed among around 370 small businesses.[8]
In 2024, Salter Brothers Tech Fund led the consortium to take Prospa private and acquired a minority stake in Prospa for $74 million.[9] It was taken private at just A$0.45 per share, considerably lower than the A$3.78 it had sold for when it first went public.[4]
Operations
Prospa is active in Australia and New Zealand with headquarters located in Sydney, Australia.[10]
Prospa provides business loans and line of credit to small and medium-sized enterprises (SMEs) in Australia and New Zealand, ranging from $5,000 to $1 million with terms up to five years.[2]
In March 2026, Prospa announced a partnership with Qantas Business Rewards, allowing eligible SME customers to earn Qantas Points on selected business loans, with points redeemable through the Qantas Business Rewards program.[11]