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Rises in the demand for funds reflect SMBs confidence

On 29th July, small business lender Prospa has announced record-breaking Q4FY22 results, with revenue reaching $53.9 million (up 61% from Q4FY21). This record coincides with the company’s 10-year anniversary which took place last month.

The company attributes this growth to significantly higher demand for funds from small businesses across Australia and New Zealand, with its active customer base increasing by 34%

Prospa Co-Founder and Chief Executive Officer, Greg Moshal said the demand for funding reflects the tenacity and confidence of Aussie SMBs to overcome tough market conditions.

“Aussie small business owners are accessing funds to manage challenges such as supply chain disruptions, inflation and higher input costs. They’re also investing in diversification to ensure they’re able to adapt and thrive in challenging market conditions.”

ABF media

Prospa’s customers across Australia and New Zealand have seen an average revenue increase of more than 12% in the last 12 months (June 21 to June 22).

“We’ve been keeping small businesses going for 10 years. It gives us great satisfaction to know that our funding solutions are supporting small business owners to achieve their business goals,” Mr Moshal added.

Founder and CEO of the Laundry Lady Susan Toft said over the last 18 months she’s grown from eight contractors to 80 with the support of Prospa financing: “I can draw on the line of credit, pay my contractors, then put the money back the following week if I need to.”

Quotes attributable to Prospa Co-Founder and Chief Executive Officer, Greg Moshal

“We are incredibly pleased with the momentum and outcomes the team has achieved. Each quarter this year, they’ve come back with greater enthusiasm. Their hard work has translated to record-breaking results, including the $104.6 million originations in June”

“Our partners have played an integral role in the achievement of Prospa’s results, placing trust in our products and advocating them to their small business clients. It gives us great satisfaction to know that our funding solutions are supporting small business owners to achieve their business goals. The success stories reaffirm our commitment to keep small business moving, and keep us focused on closing the funding gap for small businesses as a strategic priority.”

Quotes attributable to Prospa Chief Financial Officer, Ross Aucutt

ABF media

“The investments in our technological capabilities and credit decision engine have supported our strong results. We are financially well positioned to support the ever-increasing demand for funds, with continued investment in scaling our funding products, executing prudent decision-making for our growth prospects despite uncertain macro-economic conditions across Australia and New Zealand.”

Source: Prospa

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