Loan originations hit $32.7 million
SME lender Prospa NZ has reached $32.7 million in loan originations for the third quarter of 2022, a big leap from $19.9 million in the third quarter of 2021.
The business continued to grow across the quarter, spanning January 01, 2022 to March 31, 2022.
Prospa surpassed NZ$100 million in closing gross loans, whilst revenue reached a record amount of $45.9 million, up 60.9% on third quarter 2021 of $28.5 million. The yield held steady at 34.1%.
Revenue increased to a record $45.9 million, and a total of $124.4 million year to date.
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Prospa co-founder and CEO Greg Moshal (pictured) said the Prospa team had once again delivered a fantastic quarter to exceed originations achieved in the 2021 financial year.
“The outstanding results across all our key metrics would not be possible without our committed team supporting the high demand for funds from small businesses, along with our partners who have shown great trust in our products,” Moshal said.
“Their remarkable efforts over the past nine months have positioned us well as we head into our busiest quarter of the financial year.”
The small business lender’s record quarter across various key metrics and robust balance sheet would support future growth through enhanced funding arrangements.
Prospa said the SME sector in New Zealand continued to expand with origination growth momentum meaning closing gross loans had increased to a record $583.6 million for the quarter, up 13.4% from the previous quarter of $514.6 million.
The company continued to invest in its technology to enhance the customer journey and automate the delivery of funds to its small business customers.
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In March, Prospa launched its Line of Credit to existing customers across New Zealand with a full market launch planned for the fourth quarter ending June 30, 2022.
Prospa said this was a first for New Zealand small businesses with the product providing them with a flexible drawdown product to support SME growth.
“Prospa’s ongoing performance reinforces that we have built a great business model and it will only become stronger,” Moshal said.
“With existing products now providing small businesses with new solutions, we will maintain our position as the lender of choice and further grow our market share.”
