Prospa plans IPO
Adrienne Church's new employer Prospa has revealed plans to join the Australian Securities Exchange as the SME lender looks to raise $109.6 million.
Thursday, May 16th 2019, 12:31PM
Church joined Prospa earlier this year from Resimac, where she held the role of general manager for its New Zealand business. Her new employer will have a market capitalisation of about A$610 million after its lists on the stock exchange, according to a statement.
Prospa is looking to build its loan book on both sides of the Tasman. The IPO comes as Church is tasked with building Prospa's presence in New Zealand. It has lent about A$12.5 million in the New Zealand market to date, according to its IPO announcement.
Prospa provides SME loans between $5000 and $150,000; they are unsecured (up to $100,000) and for terms from between three months to 24 months. Loan purposes can be varied including refurbishments, hiring staff, but new plant and to fund marketing campaigns.
The total market for SME lending is estimated to be between $4 billion and $5 billion a year, across the more than 515,000 SMEs in New Zealand.
In an announcement to the market, Prospa said it would build on its technology, distribution, and funding for new products.
Prospa Co-CEO Beau Bertoli said "new geographies" would be part of the company's future growth plans. “The financial services industry is changing rapidly, and our role in supporting small business is now even more vital. Through the launch of our new cash flow products and by entering into new geographies, we will be able to reach even more small businesses looking to grow and run their business and help them pay for goods and services, quickly and easily.”
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