Prospa, a local online small business lender, has raised $60 million in Series B funding ahead of plans to go big on the Australian small business market.
The financing was led by Carlyle Group, one of the world’s largest private equity firms, along with Ironbridge Capital, Entrée Capital, Airtree Ventures and private investor David Fite.
Prospa, which launched in 2011, has lent Australian small businesses over $70 million to date and plans to increase this to $500 million over the next couple of years.
“The $60 million capital raising is a great step forward for Prospa,” said co-CEO Beau Bertoli. “This strategic raising included one of the largest funds and some of the most established technology-focused investors in the world.
“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.”
This funding follows the company’s seed and Series A funding with Entrée Capital, who also invested in this round.