Prospa announces Series B Financing investments from The Carlyle Group, Ironbridge Capital, Airtree Ventures, Entrée Capital and David Fite
SYDNEY, Australia – 3 September 2015
Prospa, Australia’s leading online small business lender, today announced it has secured an additional $60 million in capital for its latest financing round. The proceeds from the capital raising will be used to help fund additional Australian small businesses and support Prospa’s rapid expansion in the local market. The capital raising is the largest to date by an Australian online lender.
The co-investment is led by Carlyle Group, one of the world’s largest private equity firms, Ironbridge Capital, Airtree Ventures and high profile private investor David Fite. Prospa’s original funder of the first round, Entree Capital, stayed onboard for this round and contributed towards the $60 million raising.
The Australian owned and operated small business online lender has helped thousands of Australian small businesses grow since 2011, lending over $70 million to date. With such rapid growth, Prospa has established a name for itself within the FinTech industry in Australia, earning the trust of some of the largest investors in the finance and technology industries.
Beau Bertoli, Joint CEO of Prospa said, “The $60 million capital raising is a great step forward for Prospa. This strategic raising included one of the largest funds and some of the most established technology-focused investors in the world. This group of investors is a true representation of Prospa’s strengths and ambitions.”
Small businesses make an important contribution to the Australian economy, accounting for approximately 70 percent of the workforce and about half of the value of the economy.
“With an estimated $10 billion small business finance market emerging in Australia, we are pleased to be able to service that market by providing small business owners with the funds they need, when they need it, in order to grow their business,” added Bertoli.
Greg Ruddock, Joint CEO of Ironbridge Capital said, “We have looked at many FinTech businesses but Prospa stood out from the crowd as the market leader. We are very excited about investing in
Prospa to enable them to continue their rapid expansion as well as help the Australian small business economy thrive. Leveraging technology is key to their growth and we are proud to be the lead investor of this financing round.”
Prospa is Australia’s leading online small business lender and is 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 to businesses within 24 hours. Since 2011, the Australian-owned, high growth company has helped thousands of small businesses grow through fast, seamless access to finance. In 2015, Prospa was recognised as a Telstra Business Awards Start Up Finalist. More information can be found at www.prospa.com.