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Prospa Group Limited (ASX: PGL) (“Prospa” or “Company”) is pleased to announce the introduction of a new Junior Funding Partner into one of its Australian Warehouse Facilities that funds small business loans and line of credit facilities. The committed Junior Note facility will have an initial capacity of A$20 million and is designed to seamlessly scale up over time as Prospa continues to expand its Australian operations.

Prospa has partnered with a top-tier local Junior Funding Partner who has a deep understanding of the Australian securitisation market and a long-term interest in supporting Australian small businesses. The Junior Funding Partner has subscribed to Class B Notes in the warehouse facility and this lays a foundation should Prospa pursue a Term Asset Backed Security issuance.

This transaction represents an important part of Prospa’s long term capital management strategy. It will allow the Company to redeploy approximately $17.8m of equity capital back into its fast-growing Australian and New Zealand business. These funds will support Prospa’s cash position to enable investment in the development of new and existing products as a part of its “Grow, Run, Pay” strategy.

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: [email protected] 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 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 Australian Fintech Lender of the Year, and achieved a clean sweep of the MFAA Excellence awards in all five States