Prospa raises A$200 million for business lending

The company, led in New Zealand by Adrienne Begbie, has successfully completed an asset-backed securitisation to provide further firepower in Australia and New Zealand.

The fundraising process was backed by wholesale investors, and was supported by a pool of Australian small business loans and a line of credit facilities. 

ASX-listed Prospa's transaction was over-subscribed. Demand from local and international investors meant the firm had to scale back orders to complete the deal.

Prospa's first asset-backed securitisation underlines the investor appetite for small business lending, and comes as non-banks build their market share of the business lending market.