progressa Closes $11.4 Million Series A Financing (& Announces New Marketplace Investor Platform)Tuesday, December 1, 2015
Vancouver, BC, December 1, 2015--(T-Net)--progressa™, a Vancouver-based financial technology company focused on helping sub-prime and near-prime Canadians seeking to improve their financial health, announced today that it has closed an $11.4 million Series A equity & debt financing round led by Cypress Hills Partners and Conconi Growth Partners.
Founded just under three years ago, progressa has established a solution for millions of credit-constrained Canadian consumers looking for a second chance at improving their credit history.
Through the use of proprietary credit scoring models and advanced data science, the Company's primary focus is helping a segment of the Canadian population that is currently underserved by traditional lending institutions. The aim is to help clients pay past due bills which are currently diminishing their credit standing by converting them to manageable fixed term instalment loans.
With the Series A financing complete, the Company plans to grow its consumer loan portfolio and strengthen its position in the Canadian online and peer-to-peer lending space.
CEO Ali Pourdad commented, "We are excited to be working with these exceptional partners as they are well versed in the alternative lending space and more importantly believe and support our socially responsible lending approach."
progressa CEO Ali Pourdad
The financing is anticipated to carry progressa from its current 25 employee operation to over 50 by the end of 2016 and grow its loan origination platform by 400% over the same period.
Hashem Aboulhosn, with Conconi Growth Partners added "There is an immense opportunity today to serve under-banked Canadians and the progressa team has demonstrated that they can execute on that opportunity. This financing will give them the capital to continue their rapid growth and become a major player in the online lending space."
The Company also announced that it will be introducing a marketplace investor platform in Q1-2016 to allow buyers to purchase its loans, becoming Canada's first solely sub-prime / near-prime focused P2P lender.
Chairman David Gens commented, "By making this asset class available to investors, we're able to provide attractive yields in today's low interest rate environment, while simultaneously opening up credit to Canadians that lack access to it."
progressa™ is a Canadian alternative lender that can help you find an unsecured, installment loan with terms of repayment that work for you, and rates that compare favourably to other short-term lending options. We are a direct lender with no hidden fees or penalties, and we are committed to helping Canadians improve their financial health through free access to credit reporting and a wealth of information on budgeting, best financial practices, and the way our products work. We recognize that borrowers have bigger stories than just their credit score: that's why we want to work with you to create a personal loan that meets your specific needs. For more information, visitwww.progressa.com.
ABOUT CYPRESS HILLS
Cypress Hills Partners is a boutique alternative merchant banking firm based out of Vancouver. The company specializes in the origination of private equity, specialty private debt, and other uniquely structured products. The firm was founded by Kelly Klatik and Dean Linden and is currently dedicated to the fast growing specialty lending and origination marketplace on a global basis. Cypress Hills is adept in leveraging technology and financial structuring experience to accelerate the growth of specialty lending platforms and service providers creating a differentiated market advantage. For more information, visit www.cypresshillspartners.com.
ABOUT CONCONI GROWTH PARTNERS
Conconi Growth Partners is a family investment office based in Vancouver, British Columbia, Canada. It was founded by Robert Conconi and his son Alex Conconi in 2012 as a smart, forward thinking investment business to carry on the family's entrepreneurial legacy. CGP is committed to being an ideal partner that helps exceptional entrepreneurs build great companies. Like all good partners, the principals of CGP leverage their expertise and network to help where they can and get out of the way when they cannot. For more information, visit www.conconi.ca.
Photo Credit: progressa
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