the adviser logo

Prospa announces record-breaking figures for FY22

by Adrian Suljanovic11 minute read
Prospa announces record-breaking figures for FY22

The non-bank lender has released its financial year 2022 results, marking high levels of originations.

SME lender Prospa has produced a “record-breaking” year for originations, hitting $732.8 million, an increase of 52 per cent when compared to its FY21 figure ($483.4 million).

As a result of strong demand for credit, closing gross loans reached a record high of $701.3 million, the lender said, up 64 per cent on the prior comparative period (pcp).

Twenty-five per cent of the lender’s loans were made out to the building and trade industry, followed by professional services (18 per cent), retail (17 per cent), hospitality (13 per cent), wholesaling (6 per cent), and 21 per cent for other miscellaneous loans.


According to Prospa, the month of June 2022 alone produced Prospa’s highest-ever month of originations, at $104.6 million. 

The company – which this year celebrated its 10th anniversary – attributed its strong FY22 figures to the strength of its business model and “continued investment in core technology” and the support of the broker channel.

The lender also delivered strong growth in combination with an overall improvement in the credit quality of the loan book when compared to FY21.

Chief revenue officer Beau Bertoli told The Adviser that these results “would not have been possible without the brokers and financial advisers promoting our products to their small business clients”.

“Uptake of our products via our partners continues to remain strong, with us consistently observing 70 per cent of our originations coming through via our partners,” Mr Bertoli said.

“With the current momentum beginning strong, we look forward to servicing more small business clients requiring funds to help their business thrive.”

Greg Moshal, co-founder and chief executive of Prospa added that the lender’s continued investments have ensured that the company is “well positioned to service more customers during a time of high demand” for funds among SMEs in Australia and New Zealand.

“It has been an incredible year, with the team investing a tremendous amount of time and effort to deliver these results. It’s a great way to celebrate Prospa’s 10-year anniversary,” Mr Moshal said.

Prospa launches new app and all-in-one account   

The company revealed it had also launched a new mobile app in August 2022 that provided customers with a single view of all products.

Over the course of the next financial year, Prospa said it plans to launch new features to its All-In-One Business Account that will include BillPay, overdrafts, foreign exchange, and invoicing.

According to the lender, this will enable small-business owners to “better manage their cash flow within one single platform”, and is expected to “increase retention and improve customer lifetime value”.

The lender said its “unique technology” had helped reinforce performance over FY22 more generally, noting it had invested in enhancements to core technology to scale existing lending products, and launching Prospa Plus Business loans to offer up to $500,00 and the New Zealand Line of Credit with a facility of up to NZ$150,000.

Mr Moshal concluded: “Our strong performance highlights the company’s ability to execute.

“While uncertain economic conditions prevail, we will continue to develop on our robust foundations through the investment in technology to further strengthen our business and deliver sustained growth.”

Earlier this year, the non-bank reported year-on-year lifts in its loan book, originations and revenue, citing brokers as having an “integral role” in these results.

[RELATED: Prospa loan book boosts by 64% over FY22]

greg moshal propsa


You need to be a member to post comments. Become a member for free today!
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more