• New Partner has subscribed to Class B Notes in Australian warehouse facility
  • Transaction releases $16m of capital
  • Total third party funding limits for Prospa’s Australian operations is now at $485m

Prospa Group Limited (ASX: PGL) (“Prospa” or “Company”) is pleased to announce the introduction of a new Funding Partner into one of its Australian Warehouse Facilities that funds small business loans and line of credit facilities. The Partner has committed to A$32.5 million Class B Notes, with the right to increase its commitment up to A$65 million.

The Funding Partner is a global investor with deep technology investing expertise across the U.S. and European markets.

This transaction represents another important milestone in Prospa’s long term capital management strategy, following the December 23 Junior Funding Partner announcement. It will allow the Company to redeploy approximately A$16 million of additional equity capital back into its fast-growing Australian and New Zealand business. This brings total released capital to A$33.8 million since November 2019.

Authorised for release by the Board.

ENDS

For further information contact:

Company Secretary
Nicole Johnschwager
General Counsel and Company Secretary
e: [email protected]

Investor Relations
Anna Fitzgerald
Group Head of Corporate Relations
e: [email protected]

Media
Lauren Thompson
Domestique Consulting
e: lauren@ domestiqueconsulting.com.au
+61 438 954 729

Roger Newby
e: [email protected]
+61 401 278 906

About Prospa

  • Prospa provides cash flow products and services that allow small businesses to prosper.
  • Prospa has originated over $1.35 billion in loans to date across Australia and New Zealand*
  • Prospa has over 24,000 small business customers*
  • Prospa is recognised as a 2019 Great Place to Work and was awarded 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 the MFAA National Fintech Lender of the Year, and achieved a clean sweep of the MFAA Excellence awards in all five States

*As at 18 November 2019