Prospa leads the way in Asia
Prospa, Australia’s leading online small business lender, was recognised yesterday in Hong Kong as the third fastest growing technology company in the Asia Pacific region with a phenomenal 6,971 percent growth over the past three years at the 2015 Deloitte Technology Fast 500 Asia Pacific.
Prospa is one of two Australian companies to be named in the Top 5, after winning the 2015 Deloitte Technology Fast 50 Australia last month. The award is open to Technology Fast 500 companies that come from countries with huge local economies like China, India, Taiwan, Japan and South Korea, and cover a wide range of industries.
“We’re thrilled! We see our inclusion on this list as an endorsement for the strength of the Australian FinTech industry, not just Prospa. We’re incredibly proud that as a dynamic, independent and Australian company, we’ve been recognised as a technology leader in Asia among a list of companies that are transforming the way people do business today. Our growth comes through the efforts of our team and we dedicate this award to our team, customers and partners,” said Beau Bertoli, Joint CEO of Prospa.
Since 2011, Prospa has helped thousands of Australian small businesses using a smart proprietary lending platform and a fast, easy online application. Small businesses make a significant contribution to the Australian economy, accounting for about half the value of the economy and 70 percent of the workforce. However, small businesses face a real challenge accessing the finance they need to grow.
“We solve a very real problem for small businesses. We’re working hard to raise awareness that business owners can now have fast, easy access to finance to grow. Prospa has the smart technology platform and the partnerships, processes and people to remain Australia’s leading online small business lender and continue to lead the FinTech industry in Australia” added Bertoli.
Stuart Johnston, Technology, Media and Telecommunications leader Deloitte Australia said, “Our research shows that where there is customer friction and significant profit pools, disruption will happen. Prospa’s rise is a good example of an offering that meets a market need for safe, easy and fast finance in the small and medium size business area. Prospa has grown almost 7,000 percent over the last three years.”
This recognition from Deloitte will join other prestigious awards Prospa has won in 2015, including #1 in Deloitte Technology Fast 50 Australia, #20 in BRW’s Fast Starters and finalist in the Telstra Business Awards.
- Australian TechFast50 winners are #3 and #4 in Asia’s fastest growing tech companies
- China fields six companies in the top 10, and 28% of top 500
- Australia punches above its weight with 80 companies in the top 500
- South Korean firm takes top spot in the ranking for the second year in a row
- Software companies show significant increase of 24% over 2014, leading all categories
- Clean technologies show significant increase at almost 10% of top 500
- Growth across top 500 remains steady, increasing 10% to 415%
FinTech Prospa is the third fastest growing technology company in Asia in the prestigious Deloitte Asia 2015 TechFast 500™. Prospa was Australia’s 2015 Deloitte TechFast 50 winner.Cirrus Networks (Perth), a listed Australian IT solutions integrator, placed fourth in the fastest growing technology companies in Asia and ranked second in last month’s Australian TechFast 50 awards.
Joshua Tanchel, Deloitte Australia Tech Fast 50 lead partner said “These are superb rankings for Australia to punch so far above our collective weight to reach close to the top of the leader board of the fastest growing technology companies in Asia. And to also have 80 Australian technology companies in the Deloitte Asia 2015 Technology Fast 500™ is simply awesome.”
He said “This is the first time two Australian companies have reached the top five in the 14 year history of the Asia Technology Fast 500™. Their rise parallels the global market demand for simpler, faster, quality, cost effective services across all industry sectors.
Stuart Johnston, Technology, Media and Telecommunications leader Deloitte Australia said: “Our research shows that where there is customer friction and significant profit pools, disruption will happen. Prospa’s rise is a good example of an offering that meets a market need for safe, easy and fast finance in the small and medium size business area. Prospa has grown almost 7000% over the last three years.
Ichiro Nakayama, DTTL Leader Technology Fast 500 Asia Pacific said: “The Technology Fast 500 Asia Pacific program has become a barometer for company growth. The ranking data reveals a great deal about the industry sectors and gives insight to the latest technologies that are shaping the future. By identifying these trends, such as this year’s growth in clean technologies, we can begin to speculate on the impact of these changes to the region and markets.”
Revenue Growth Trends
The top 500 TMT companies in Asia in 2015 averaged revenue growth of 415% – a steady increase over last year’s 405% average. Almost half of the companies this year had final year revenues under US$10m, down from 2014. However the biggest increase both in Asia and Australia were those companies with revenues between US$10m and $50m, 164 companies in Asia this year compared with 108 in 2014.
China once again leads the rankings geographically with the largest number of fast growing companies, 139 companies in the top 500 (up from 100 in 2014). Australia has 80 companies, New Zealand (54) andSouth Korea (50), and all increased the numbers of ranked companies over their 2014 results. India decreased significantly this year to 55 companies from 90 in 2014. Taiwan (86) and Japan (34) also had fewer companies represented this year.
There was a substantial increase in the software sector this year from 35 companies to 181, again leading the industry sector for the third year in a row. Hardware remains in second place overall with 100 companies in the top 500, down by 30 companies from 2014. This is the third year in a row the sector has declined.
However the largest increase was in clean technology with 48 companies represented in the rankings, up from 13 in 2014. Po Hou, Managing Partner, Technology, Media and Telecommunications Industry, Deloitte China said: “The Chinese government is striving to meet new climate targets for 2030. From COP21 we anticipate further measures to cut carbon emissions and greater support for the development of renewable energy. In terms of sub-sectors, the outlook is positive for waste and bio-treatment, but looks challenging for traditional players in solar and wind power due to oversupply.”
Life sciences, which includes biotech, pharmaceutical and medical devices, also increased to 42 companies from 33 in 2014. The Media (87) and Communications (42) industries both decreased.
Private and listed
This year there was a notable drop in the number of private companies represented (349 down to 297) breaking the trend of previous years. Private companies now comprise 59% of the rankings compared with 70% in 2014.
Top 10 ranked companies in the 2015 Asia Pacific Technology Fast 500
- Devsisters Corp – South Korea. Software (Growth – 8516%).
- Wuhan hi-target Digital Cloud Technology Co Ltd – China. Hardware (Growth -7100%).
- Prospa – Australia. Software (Growth – 6971%).
- Cirrus Networks – Australia. Hardware (Growth – 5571%).
- Changzhou Yihutong Logistics Technology Co Ltd – China. Media (Growth – 5250%).
- Chongqing Yijifu Technology Co Ltd – China. Communications (Growth – 5024%).
- Shenzhen iDreamSky Technology Co Ltd – China. Software (Growth – 4979%).
- Beijing YixinYixing Automotive Technical Development Services Co Ltd – China. Communications (Growth 4332%).
- F1 Info Solutions & Services Pvt Ltd – India. Hardware (Growth – 3961%).
- CapitalBio Technology Inc – China. Life Sciences (Growth – 3892%).
Prospa is Australia’s leading online small business lender and committed to helping small businesses access the funds they need to grow. Using a proprietary technology platform and a fast, simple online application process, Prospa can approve loans and provide funding within 24 hours. Since 2011, this Australian-owned, high growth company has helped thousands of small businesses, won the 2015 Deloitte Technology Fast50 Australia, was placed #20 in BRW’s Fast Starters 2015 and is a 2015 Telstra Business Award finalist.
About Deloitte’s Technology Fast 500™
The Deloitte Technology Fast 500 is the pre-eminent technology awards program in Asia Pacific, and now in its fourteenth year, it includes eight Asia Pacific locations: Australia; China (including Hong Kong); India; Japan; South Korea; New Zealand; Singapore and Taiwan. Combining technological innovation, entrepreneurship and rapid growth, Fast 500 companies — large, small, public, and private — span a variety of industry sectors, and are leaders in hardware, software, telecom, semiconductors, life sciences and emerging areas, such as clean technology. These companies are transforming the way we do business today.
Media inquiries please call Katie or Caroline at Espresso on 02 8016 2242.
4 December 2015: Business Insider
4 December 2015: IT Wire