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Prospa announced on Wednesday (4 February) that it had surpassed $5 billion in total funding to small and medium-sized enterprises (SMEs) across Australia and New Zealand, marking a significant milestone for the online lender founded in 2012.
The achievement comes as the fintech celebrates 13 years of operations, during which it has backed more than 45,000 small businesses, while building a partner network exceeding 20,000 brokers, accountants, and aggregators.
Prospa’s co-founder and CEO, Greg Moshal, said the figure represented validation beyond pure financial metrics.
“Passing the $5 billion mark is more than a number – it’s proof of the trust small-business owners place in us and the passion of our team to deliver solutions that matter,” Moshal said.
“Every dollar we fund helps a business take the next step – whether that’s hiring, innovating or investing in growth.”
He emphasised that Prospa’s role extends beyond simply providing capital – noting the milestone “reflects more than financial support – it represents thousands of real-world impacts”.
“From helping businesses weather tough times to enabling expansion plans, Prospa’s role goes beyond lending,” Moshal said.
“It’s about giving small-business owners confidence and control so they can focus on what matters most: running and growing their business.”
Community strengthening through SME success
Prospa’s co-founder and chief revenue officer, Beau Bertoli, framed the achievement through concrete business examples rather than abstract figures.
“Small businesses strengthen our communities, and supporting their success is our primary focus,” Bertoli said.
“This milestone is not just about Prospa; it represents thousands of real stories. From a café opening its second location to a tradesperson upgrading their equipment, we take pride in being part of these journeys, enabling businesses to pursue opportunities and navigate challenging times.”
His comments arrive as Australian SMEs face ongoing cash flow pressures, with 73 per cent reporting constraints heading into the current financial year.
Innovation push continues
Bertoli also detailed an 18-month innovation sprint that has seen Prospa launch Tap to Pay functionality, Bill Pay services, Xero integration, and a mobile app for New Zealand customers.
“Looking ahead, we’ll keep building smart, intuitive solutions that help small businesses thrive, no matter what the economy brings,” Bertoli said.
“When small businesses thrive, all Australia thrives.”
The milestone positions Prospa as a rising player in the alternative SME lending space, where it competes by offering faster approval times than traditional banks.
Prospa has also expanded its offerings significantly since its inception, recently doubling its Business Loan Plus limit to $1 million with terms up to five years, accepting property desktop valuations up to $4 million in metro areas.
[Related: Prospa doubles its lending capacity]