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Fintech company launches $60m equity raising

Fintech company launches $60m equity raising

Three firms have advised on a landmark securitisation and equity fund raising by financial technology company Prospa.

Firms: Ashurst (Carlyle Group, Ironbridge Capital), King & Wood Mallesons (Prospa), Minter Ellison (Perpetual)

Deal: The Carlyle Group and Ironbridge Capital, along with other equity investors, provided capital to fund a securitisation and equity raising by Prospa

Value: $60m

Area: Banking and finance

Key Players: Ashurst finance partner Jennifer Schlosser led the team advising The Carlyle Group, while corporate partner David Stammers led the team advising Ironbridge Capital and the other equity investors.

Deal Significance: In this transaction, the debt was provided by way of a A$50 million warehouse securitisation investment by The Carlyle Group.

The capital injection was provided by a consortium, including The Carlyle Group and Ironbridge Capital.

The transaction is a “standout in the Australian market as it is the first securitisation deal in Australia of unsecured, online SME business loans and part of a growing trend in the extension of securitisation financing to new asset classes”, according to a statement from Ashurst.

The firm said the participation of US-based The Carlyle Group reflects the vibrancy of Australia's growing financial technology sector.

The deal also points to a trend for new market participants with significant offshore presence entering the domestic market, the firm suggested.

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