Canadian lendtech Progressa feeling progressive with $84m funding
Canadian lending firm Progressa has closed an $84 million equity and loan funding round.
Firm is also preparing for an IPO before end of 2019
The equity financing was co-led by Canaccord Genuity and Gravitas Securities; and included Eight Capital and Paradigm Capital as part of the syndicate.
According to Progressa, the equity capital allows it to “unlock a new forward-flow whole loan purchasing programme” for up to $72 million, with Vancouver-based credit fund Cypress Hills Partners.
The equity financing was largely supported by various (unnamed) Canadian investment banks.
Kia Besharat, senior MD and head of capital markets origination at Gravitas Securities says: “We look forward to continue watching Progressa’s success in tackling the vastly underserved collections debt and retail point-of-sale finance market in Canada.”
To elaborate on this, Progressa develops software solutions for companies that tackle a “traditionally negative collections process in a positive and socially responsible way”.
The firm says this latest financing round is anticipated to be its last private round, as it has now raised over $15 million of equity capital since inception and begins to prepare for an IPO before the end of 2019.
Progressa was founded in 2013 and is based in Vancouver and Toronto. It has over 100 staff and says it is expected to near $100 million of loan funding before the end of 2018.
