Bengaluru: Prospa, a Sydney-based financial services firm which provides unsecured business loans to Australian small businesses, raises $60 million in its Series B fundraising led by Carlyle Group, Ironbridge Capital, Airtree Ventures, Entree Capital and high profile private investor David Fite. The fund will be utilized to invest in Australian SMBs and fuel its aggressive expansion strategies.
“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,” says Beau Bertoli, Joint CEO, Prospa. “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,” he added.
Speaking about their new investment, Greg Ruddock, Joint CEO, Ironbridge Capital says, “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 the key to their growth and we are proud to be the lead investor of this financing round”.
Prospa was founded by Beau Bertoli, a highly ambitious business manager. It is Australia’s leading money lender for SMBs and helps them flourish better by offering the required funds. Using a fast and simple online application process, Prospa approves loans and provides funds to businesses within 24 hours of receiving their application. Since its inception in 2011, the company has provided over $70 million in funds to innumerous small business and has earned the trust of some of the largest investors in the finance and technology industry. The company was also recognized as a Telstra Business Awards Start Up Finalist earlier this year.