Latest equity funding round was led by Canaccord Genuity and Gravitas
Vancouver-based financial technology firm Progressa announced earlier this week that it has gained $84 million in its latest equity funding round spearheaded by Canaccord Genuity and Gravitas, along with Eight Capital and Paradigm Capital.
This was less than 3 years after the company raised $11.4 million, after which it inaugurated its marketplace investor platform.
The fintech venture said that it is looking at nearly $100 million of loan funding before the end of 2018. Progressa indicated plans to use the proceeds in the creation and launch of a forward-flow whole loan purchasing program (valued at up to $72 million) with credit fund Cypress Hills Partners, also based in Vancouver.
Read more: Shifting policies, consumer expectations propelling fintech investment
“We are pleased with this broad level of support from Canadian investment banks who see that Progressa is making a positive difference in the lives of Canadians,” Progressa co-founder and CEO Ali Pourdad said.
Progressa was founded in 2013, and it focuses on providing assistance to sub-prime and near-prime Canadians who are looking to address the issues with their financial status.
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