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Online small business lender Prospa has beaten its prospectus forecast for new loans over the past financial year as its average annual percentage interest rate has fallen to 37 per cent.
But with the fintech making a profit for the year to June for the first time, sharemarket investors won’t get access to its growth after the corporate regulator scuttled its ASX listing in June.
Fifo Capital CEO Wayne Morris, explains how the business finance specialist has pioneered a first-of-its-kind, debt-free solution.
On the surface, Australian businesses have no shortage of funding options for their ventures, but they still face a number of barriers when looking to boost cash flow, capital and lines of credit.
FALLING real estate prices have endangered small business owners who used their homes as guarantees on business loans, an insolvency group has warned.
Experts from business recovery specialist Jirsch Sutherland said many small business owners used the equity acquired on their homes during Sydney’s recent property boom to secure financing.
The Australian Competition and Consumer Commission is proposing that only Australia’s big four banks — ANZ, the Commonwealth Bank of Australia, NAB and Westpac — will initially be subject to the new open banking regime.
The new open banking rules will function as a subset of the yet-to-be-legislated Consumer Data Right (CDR). Under the open banking regime, customers will be able to direct that their bank release data, via an API, relating to their use of the bank’s services to a third party.
Fintech Prospa is keeping the option of a future ASX listing on the table after announcing it had beaten forecasts in its IPO prospectus by close to 10 per cent, with $367 million of new loan originations last year.
The small business lender announced it had beat forecasts in its IPO prospectus by close to 10 per cent, and has now loaned a total of $750 million.
Prospa co-founder and joint CEO Beau Bertoli says the online lender is in no hurry to list on the ASX despite dispelling all the regulatory concerns raised recently about the business.
The fintech, which provides unsecured loans to small businesses, pulled the plug on its highly anticipated $146 million IPO in June, citing issues raised by the Australian Securities & Investments Commission about unfair loan terms.
Sydney fintech Frollo scores $65,000 grant to take “Fitbit for finance” app to the next level, and reduce stress for Australians
Fintech startup Frollo has taken home a $65,000 grant from the MetLife Foundation, having been named best financial solution for low- to moderate-income Australians at MetLife’s Inclusion Plus competition for its gamified personal finance solution.
Established in 2016, North Sydney-based Frollo is a personal finance app that uses gamified features to help users identify and change bad spending habits.