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Prospa to introduce All-in-One business account for Australian SMEs

Prospa announced plans to expand its online lending products and introduce an All-in-One business account, which would include a number of cutting-edge functionalities to assist small business owners in managing their cash flow from a single platform. 

The Sydney-based lending company said the products will further address the leading challenges experienced by Small and Medium Enterprises (SMEs) throughout Australia. 

The new digital solution will also include an integrated suite of tools accessible via a single platform for transactions, payments, expense management, and fund growth. By lowering time-consuming paperwork from a single, easy, and completely integrated platform, the pioneering move will make it increasingly essential to SMEs.

Roberto Sanz, National Sales Manager, Prospa, noted that the new product will offer improved terms, including an eight week no repayment offer to help small businesses quickly bounce back and keep their business moving

“It is exciting to kick off our growth strategy with the Prospa Plus Small Business Loan, which we know will service a greater number of businesses. 

“We have listened to the feedback of our customers and partners to offer this solution with improved terms,” Mr Sanz added. 

All-in-One business account

Prospa will offer an All-in-One business transaction account with a $100k built-in overdraft facility. To help monitor cash flow, the suite will include invoicing features and bill management options available on the business account. 

The overdraft facility would make it easier for Small and Medium Enterprise (SME) owners to get financing and handle temporary financial shortages.

Expanding Prospa’s lending portfolio

The company also announced that the Prospa Plus Small Business Loan will be available for up to $500k beginning October 25, 2021. The expanded lending offering will provide businesses a 36-month term, lower rates, and a dedicated account manager throughout the loan’s life to provide its superior customer service. 

To help small businesses capitalise on the economic recovery, Prospa is offering no repayments for the first eight weeks on all new or refinanced small business loans until December 31, 2021.

Nine-year-old Prospa provides cash flow solutions and services to small businesses. The Company, headquartered in Sydney, employs over 230 employees and operates throughout Australia and New Zealand. 

Prospa creates cash flow products and services that help small businesses expand and run their operations, as well as pay for goods and services, all through a single app. As of 30 June 2021, Prospa has provided over $2.1 billion in finance and had 11,900 active customers. 

A Fintech Landscape 2020 study conducted by KPMG Australia showed a total of 733 active fintech companies in Australia, up from 629 when the landscape was last released in September 2019.

The Australian big banks’ financial performance for the full financial year 2020 declined, with combined cash profit after tax (PAT) from continuing operations down 36.6 % from FY2019, as per the report.

The study shows that there was an increase in the number of fintech firms within the lending category supported by new players in both consumer and SME lending sub-sectors, as well as an increase in Buy-Now-Pay-Later (BNPL) providers.

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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