Prospa raises $45 million for NZ funding

The money will be used to fund small business loans, Prospa said in a statement. 

The three year facility has an initial capacity of $45 million but can be expanded. Prospa said funding costs were "broadly consistent with the levels observed for Prospa’s facilities in the Australian market".

Until now, Prospa had funded New Zealand loans from Australia.

Prospa has partnered with a "top tier local funding partner" for the facility. The funding partner, whose name has not been disclosed, has subscribed to Class B notes, Prospa said.