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Tuesday, February 27, 2024

Prospa to amass Australian enterprise mortgage portfolio from fellow fintech Zip

ASX-listed Prospa Group have introduced that it has entered into an settlement to amass the Zip Enterprise mortgage portfolio from Zip Enterprise Pty Ltd for roughly $15.6 million, to be funded utilizing Prospa’s current warehouse funding preparations. The transaction will attain settlement this week.

The acquisition contains all of Zip’s remaining performing Australian enterprise loans, equal to roughly $18.4 million of economic loans to roughly 370 small companies.

Prospa Chief Govt Officer Greg Moshal mentioned, “We’re happy to amass the high-performing Zip Enterprise mortgage portfolio, guaranteeing that the 370 small companies can proceed to get the monetary help they want on the Prospa platform.

“The acquisition displays our continued dedication to supporting Australian small companies with tailor-made finance for his or her wants.”

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