Attention shifts back to Prospa IPO as the fintech hits $1 billion in loans

Greg Moshal and Beau Bertoli, co-CEOs of Prospa. Supplied

Online lender Prospa has cracked $1 billion worth of loans, putting it ahead of the guidance provided as part of its abandoned prospectus.

In an announcement, Prospa said new loans issued in 2018 totalled $436 million, which was up 51 per cent on the year before. It was also 13 per cent ahead of the prospectus forecasts.

Prospa made headlines in June last year when it pulled out of a $576 million sharemarket float due to regulatory concerns from the Australian Securities and Investments Commission.

The company responded to criticism from the Small Business Ombudsman by signing a “code of lending practice” to improve transparency with five other fintechs.

Attention has now shifted to whether Prospa will restart its sharemarket listing aspirations now that its loan book has grown so strongly.

Speaking to Business Insider Australia, a spokesperson for Prospa denied a sharemarket listing was imminent. The spokesperson said that the company executives are meeting with a range of stakeholders to discuss Prospa’s ongoing performance and potential future funding options.

The company has also elevated board member Gail Pemberton to chairman and returned Greg Ruddock to the board as a non-executive director.