Prospa loan originations up 64%

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Business lender Prospa has had three very profitable months and is gearing up for one of its most important months.

Thursday, April 28, 2022, 2:06 p.m.

by Eric Frykberg

The ASX-listed company said in its third-quarter earnings reports that the gross value of loans in New Zealand exceeded $100 million in the quarter.

Mounts increased by 64% from AU$19.9m to AU$32.7m in the last 12 months.

It launched a line of credit in New Zealand to existing clients last month and was looking to bring it to the adviser market soon.

Prospa NZ chief executive Adrienne Begbie said the line of credit product gave business owners confidence that they would have cash on hand when needed, without having to pay interest until until this need arises.

It would also save them time by applying for loans whenever they need money.

Begbie did not say how high the line of credit would go, but said that in Australia the figure is AU$150,000.

Reporting on its results, Prospa told the Australian Stock Exchange that it had a record third quarter with loans of A$172.1 million.

This was an increase from AU$120.8 the previous year.

It produced a gross closing loan portfolio of A$583.6 million.

Founder and Co-CEO Greg Moshal called it a fantastic result that wouldn’t have been possible without the hard work of the company’s team and the trust and support of its customers.

He said Prospa had “a great business model that will only go from strength to strength”.

Tags: Prospa

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