I'd like to commend ZIP for having sold the ZIP Business business to Prospa in January 2024, with exquisite timing......
Prospa to acquire Australian business loan portfolio from Zip
Release date: 24 January 2024Prospa bad debts pop
10 July 2024
In a stark indicator of the stress underlying business credit broadly, specialist business lender Prospa yesterday reported that net bad debts increased by 27 per cent over the year to June 2024.Net bad debts were 13 per cent of the lender’s average gross loans of $821 million for FY2024, Prospa said. There was a glimmer of slightly less lousy metrics in the second half, the company said.“Notwithstanding this, net bad debts as a percentage of average gross loans have trended downwards in the second half of FY2024 to 12 per cent.”Responding to the near-recessionary macroeconomic environment, Prospa said quarterly originations were $149 million over the June quarter, a decrease of four per cent “as the company continued to adopt conservative risk settings.”Over the full year, originations were $616 million, down 18 per cent on FY2023.“Active credit customers” dropped to 19,990, a decrease of two per cent over the year.An ASX-listed fintech that never lived up to its early billing, Prospa won’t be listed much longer.
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