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Fintech company launches $60m equity raising
Three firms have advised on a landmark securitisation and equity fund raising by financial technology company Prospa.
Digital
Firms: Ashurst (Carlyle Group, Ironbridge Capital), King & Wood Mallesons (Prospa), Minter Ellison (Perpetual)
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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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