Prospa expands its offerings

Small business lender Prospa has expanded its offerings with the launch of Bill Pay, and new loans features - giving small business owners the tools they need to grow and scale their business.

After almost 12 months since launching New Zealand’s first SME lending app, Bill Pay streamlines the previously manual process of managing outgoing payments.

As 70% of small business owners say they’re stressed or burnt out, Adrienne Begbie, Managing Director of Prospa, highlights the importance of automating such tasks.

“Being a small business owner in today’s economy is tough,” Prospa NZ managing director Adrienne Begbie says. “Our customers often tell us that balancing business development with business administration is one of their biggest pain points.”

This comes at a time when the banking sector is under a microscope. With the Commerce Commission’s call for greater competition in the banking sector, Prospa plays a role in New Zealand’s digital economy and tech ecosystem.

Longtime Prospa customer, Karishma Kumar, the co-founder of Cognitiv, says Prospa’s funding has been key to growing its business.

“As a tech company, we appreciate the innovative tools that Prospa offers its customers. The tech that Prospa uses allows us to manage our cashflow effectively, giving us the confidence to say yes to big projects. We were also able to invest in hiring talented people and this was a pivotal moment for our business.”

Additionally, Prospa has introduced new business loan features to further support SMEs in reaching their goals. This includes longer terms on larger sized loans to make weekly repayments manageable, as well as higher limits of $500,000 for the line of credit, helping business owners build cashflow confidence. Businesses can also choose to make free unlimited extra repayments to save on interest.