Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Prospa Establishes NZ Funding Facility

Auckland, 8 August 2019: Prospa Group Limited (ASX: PGL) (“Prospa” or “Company”) is pleased to announce the establishment of its first warehouse facility specifically to fund New Zealand small business loans.

The 3-year committed facility will have an initial capacity of NZ$45m and is designed to be seamlessly scalable with a similar structure to Prospa’s Australian funding platform. The funding costs are broadly consistent with the levels observed for Prospa’s facilities in the Australian market.

CFO, Ed Bigazzi, said: “Our first NZ warehouse creates a solid platform for growth as we continue to pioneer in the online small business lending space. We believe over time it will act as a conduit to bring global funds into New Zealand and increase access to finance for small businesses across the country.”

General Manager Prospa NZ, Adrienne Church, said: “This facility will allow us to support an increasing number of local small businesses. Our New Zealand customer base is diversified across a range of industry sectors including hospitality, retail, professional services and building and trade.

“We have a TrustPilot rating in New Zealand of 9.8 out of 10 as at 31 July 2019 and we rank first in the non-bank finance category. We’re incredibly proud of the work we do to support small businesses in New Zealand and enjoy watching those businesses invest, employ and grow.”

Prospa has partnered with a top-tier local funding partner who has a strong understanding of the small business lending space and a long-term interest in supporting small businesses in the region. The funding partner has subscribed to Class B Notes in the NZ facility and lays a foundation for attracting high quality Class A investors.

As a standalone funding platform the facility is an important part of Prospa’s long term capital management strategy and will allow Prospa to redeploy approximately NZ$6.0m of equity capital into its fast growing Australian business, while allowing for additional funders to be added as operations in New Zealand expand.

About Prospa

• Prospa provides cash flow products and services that allow small businesses to prosper

• Prospa has originated over $1 billion in loans to 31 March 2019 across Australia and New Zealand

• Prospa has over 19,000 unique small business customers

• Prospa is an AON Hewitt Employer of Choice in 2017 and 2018

• Prospa’s Net Promoter Score is in excess of +77

• In 2018 and 2019 Prospa won Australian Fintech Lender of the Year, achieving a clean sweep of the MFAA Excellence awards in all five States

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

SMC Expert Reaction: Record Dry Spells And Effects On Forests

With no rain forecast before Sunday, Auckland is about to break a record for the city's longest dry spell. Niwa says Auckland is likely to hit 40 consecutive days without rain this weekend . The upper North Island is seeing severe meterological ... More>>

ALSO:

Reserve Bank: Official Cash Rate Remains At 1.0 Percent

The Monetary Policy Committee has decided to keep the Official Cash Rate (OCR) at 1.0 percent. Employment is at or slightly above its maximum sustainable level while consumer price inflation is close to the 2 percent mid-point of our target range. ... More>>

ALSO:

Research: Climate Change Throws Tree Seeding Out Of Sync – New Study

Climate change is negatively affecting tree reproduction by throwing seed production systems out of synchronisation, according to a new international study co-authored by a University of Canterbury scientist. Many tree species worldwide produce large ... More>>

ALSO:


Science Media Centre: Novel Coronavirus Detected In China – Expert Reaction

The virus was detected after more than 40 people were hospitalised with pneumonia in Wuhan City, China and the outbreak traced to a large animal and seafood market. The Centers for Disease Control and Prevention reports that person-to-person transmission ... More>>

ALSO:

Science Media Centre: Flooding could release toxic gas – Expert Reaction

A chemical substance known as ouvea premix stored at an old paper mill in Mataura could release toxic ammonia gas if it comes in contact with water.More>>

ALSO: