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Prospa raises more than $100 million

SME lender Prospa, led in New Zealand by former Resimac general manager Adrienne Church, has completed a stock market listing in Australia, raising more than $100 million.

Wednesday, June 12th 2019, 4:11PM

Prospa has raised A$109.6 million on the Australian Securities Exchange to fund future growth plans, including expansion in the New Zealand market.

The Sydney-based company sold 29 million shares. Following the stock market listing it will have 161.4 million shares on the market worth $609 million.

About $50 million raised by the IPO will go to the company's founders, Greg Moshal and Beau Bertoli. In a statement, Prospa said its new firepower would be used for "funding the equity portion of the company’s growing loan book and working capital, investment in new products and geographies and to repay corporate debt". 

The stock market listing comes as Prospa plans to ramp up its lending in New Zealand. The online lender has already signed agreements with aggregators including NZFSG and Newpark. 

Prospa has also hired business development managers to build awareness in New Zealand, including former Resimac head of sales Huia Manuel. 

In a recent interview, Adrienne Church, general manager of Prospa in New Zealand, told TMM there was a great opportunity for non-bank business lenders. 

"There are 500,000 small businesses in New Zealand, and we believe the market opportunity is $4 billion a year. If they aren’t getting service from the bank, where are they getting it? It’s an opportunity to help people," Church said.

 

Tags: Prospa RESIMAC

« Resimac slashes rates againServicing tests to slow house price growth »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.65 2.69 2.79
Median 4.55 3.19 3.22 3.39

Last updated: 9 July 2020 5:00am

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