Case Studies

Prospa Case Study: How Speed and Data Changed SME Credit Access 

Pooja Malik

Jul 18, 2026 4:23 PM IST

Category Case Studies

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Synopsis

By combining technology with broker distribution, Prospa reduced approval times and aligned lending with real business cash flow.

For small businesses in Australia, the availability of credit has traditionally been characterized by the issues of delays, stringent requirements and the need for collateral. The time it takes to get funding approved could take days, and sometimes weeks, even for fairly modest amounts of money. That delay frequently meant that small businesses had to deal with riskier scenarios, such as inventory cycles, payroll and seasonal demand.

This is the reason why Prospa was created. Sydney-based Beau Bertoli and Greg Moshal established the business in 2012 with one clear mission: to provide small businesses with quicker, easier, and more intuitive access to funding that is more representative of their business model.

Based in Barangaroo, New South Wales, Prospa has since expanded to become a major non-bank lender to small and medium-sized businesses across Australia and New Zealand.

Founders Who Built From Lived Experience

Beau Bertoli and Greg Moshal were no strangers to the problem they were seeking to solve. Both had business experience and had first-hand experience with the challenges of conventional lending.

They noticed that banks were operating in ways that were more geared towards larger asset-based loans, which meant that smaller businesses were often left short of credit. Many SMEs were either rejected, or were given products that were not the right fit for their cash flow.

The first generation of Prospa's model was based on unsecured lending, speedy approvals and digital applications. It was in 2012 that the company made its first loan and gradually grew via the broker network and direct channels.

What the Business Looks Like Now

Prospa is a fintech lender for SME funding as of 2026, with a robust broker-led distribution platform. It offers the following main products:

• Business loans from approximately AUD 5,000 up to approximately AUD 1 million
• Lines of credit are available for short-term, as needed financing.
• EIT account tools for digital accounting to enable cash-flow management.

Loan terms can last for as long as five years. Lending practices are primarily unsecured, i.e., businesses do not have to put up property as security.

The company sees itself as an alternative to bank lending, especially for companies that value speed rather than conventional structures, and flexibility.

According to Prospa's disclosures and public reporting, it has provided over $a billion in loans to tens of thousands of SMEs spread throughout Australia and New Zealand (ANZ) to date.

The Engine Behind Fast Decisions

Prospa's model is based on its own proprietary Credit Decision Engine. The system considers over 450 data points, based on bank transactions, credit bureau data and other third parties.

The platform uses dynamic financial statements, but also takes into account real-time indicators like:

• Revenue patterns
• Cash-flow consistency
• Existing credit behaviour

This enables Prospa to accurately and rapidly assess risk and pricing, sometimes within hours. In simple cases the process may be much quicker.

It is a big part of automation, but it is not a 100% automated application. Edge cases are reviewed by human underwriters to ensure credit quality is up to speed.

The use of Broker Tools in the Sale of Loans.The implementation of Broker Tools in the sale of loans.

Many of Prospa's growth is due to brokers. The company doesn't circumvent intermediaries, it creates tools around them.

Prospa IQ

Prospa IQ is created to provide brokers instant clarity when engaging in conversations with clients. With a few data points, brokers will be able to view:

• The chances of a client being approved or denied
• The estimated amount of the loan.
• The terms of payment and repayment.

This takes place in minutes, and it does not impact the client's credit score.

Express Path

Express Path simplifies the documentation process and accelerates approvals, such as loans and credit lines of up to AUD 500,000, for eligible businesses.

According to Prospa, around 75% of funded customers now start their journey through Prospa IQ. It also says that the tool has helped boost the number of businesses funded by the company's brokers by almost double, thanks to its quick turnaround and no-nonsense upfront scenarios.

Key Milestones That Shaped the Company

Notebooks of chart notes (textual context):

• 2012: Founded; first loan issued
• 2018: Listed on the ASX
• 2024: Acquired Zip Business loan portfolio (~AUD 15.6 million)
• 2024: Taken private by Salter Brothers Tech Fund-led consortium (~AUD 74 million)
• 2025–2026: Expanded loan sizes up to ~AUD 1 million; rolled out Prospa IQ and Express Path
• March 2026: Announced partnership with Qantas Business Rewards

(All the milestones rely on company disclosures and public reporting until 2026.)

Strategic Shifts in Recent Years

Moving Off the Public Markets

In 2024, Prospa was taken private in a transaction that was led by Salter Brothers Tech Fund. The sale of the transaction was worth around AUD74 million and was a change from the expectations of the public markets for quarterly results, to long-term operational control.

Expanding the Lending Book

In 2024 the company acquired the business loan portfolio of Zip, bringing about AUD 15.6 million in assets. This enhanced the capability of Prospa in the SME lending segment.

Adding Loyalty to Lending

Prospa has joined forces with Qantas Business Rewards in March 2026. Customers who qualify for the offer can put those Qantas Points towards their loan obligations, and then redeem them with Qantas' business rewards program. This is part of a broader trend of integration of financial products into broader business ecosystems.

How Businesses Use Prospa

Prospa's clients include retail, hospitality, trades and services. What they all have in common is the requirement for prompt capital.

Common examples of use cases are:

• Purchasing stock ahead of busy periods.
• Addressing cash-flow shortfalls temporarily
• Investment in equipment or improvements
• Funding marketing or expansion.

For instance, a retailer that requires inventory of approximately AUD 150,000 can apply on the internet, have the decision made quickly, and receive the money arranged according to the projected cash flow, not a specific collateral.

How to measure the Shift in Lending Experience

Values are based on comparisons that are indicative of industry standards and workflow improvements reported by Prospa (not financial values). They show speed differences, documentation, and transparency differences.

Distribution Meets Technology

A key factor that has set Prospa apart is the partnership it has formed with brokers, instead of trying to take them on. Brokers can jump from discussion to a structured lending situation within minutes, with tools such as Prospa IQ.

This helps to minimize uncertainty for both the broker and borrower. It further reduces the lag time between enquiry and funding, a factor that can be very crucial for SMEs in need of urgent cash. 

Position in the SME Lending Market

Prospa works with conventional banks and other non-bank lenders as of 2026. Its differentiation is based on the following:

• Decision-making processes are data-driven, which speeds up the process.
• An effective integration of the broker network is in place.
• Prioritize unsecured loans.Concentrate on unsecured loans.
• Digital tools are continually enhanced.

The company's model represents a trend in SME finance whereby speed, usability and real-time data has become the centre of how credit is being delivered to SMEs.

Sources

Prospa Official Website
Australian Broker Coverage (via Prospa)
ABN Lookup – Prospa Group Limited

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