Progressa raises $84m ahead of planned IPO
Vancouver-based fintech will use new money as loan capital for clients
By Tyler Orton | August 14, 2018
Vancouver-based Progressa is upping its access to capital ahead of plans to go public next year.
The financial technology firm announced Tuesday (August 13) it’s raised $84 million in an equity and loan funding round co-led by Canaccord Genuity Corp. and Gravitas Securities Inc.
“We do have a very capital-intensive business and really the equity was needed — and will continue to be needed — to unlock larger amounts of loan capital,” Progressa CEO Ali Pourdad told Business in Vancouver.
The company specializes in lending capital to non-prime consumers, using a platform to help clients consolidate debt or pay off overdue bills. Its software also helps businesses with collections.
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https://biv.com/article/2018/08/progressa-raises-84m-ahead-planned-ipo
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