Prospa has announced its half-year 2020 results and has seen a 37% growth in loan originations on the prior corresponding period - up to $306.8 million on $224.5 million in HY19.
Average gross loans were up 46% on HY19, taking in $428.9 million compared to last year’s $293 million. Revenue also increased by 12% up to $75.6 million, and Prospa has now delivered approximately $1.4 billion in loans since its foundation.
Customer growth also boomed across Australia and New Zealand, with total customer numbers growing by 45% to 26,900 on the prior corresponding period.
Commenting on the results, CEO Greg Moshal said: “We continue to invest where opportunities exist to better serve our customers with new products and services, and to grow market share. We also continue to lower our cost of funding with new funding partners and leverage our scale benefits as our business evolves.”
CEO Beau Bertoli said the lender would continue its focus on serving New Zealand’s $4 billion market and providing small business owners with the opportunity to grow. He says that progress in New Zealand has “exceeded expectations,” with Prospa originating NZ$52.8 million in loans to to over 1,400 Kiwi businesses so far.
He noted that New Zealand’s adviser network will remain vital to its distribution, and Prospa will continue its outreach to advisers across the country.
“Our network of over ten thousand partners is vital to what we do at Prospa and enables us to reach and support so many small businesses across a wide range of industries,” Bertoli said.
“We’ve now delivered over $1.4 billion to nearly 27,000 small businesses across Australia and New Zealand. Our strong customer and loan originations growth reinforces the demand for fast access to funding, and the exciting opportunities for advisers in the small business lending space.”