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Prospa sets plans to be more bank-like without becoming a bank

James Eyers

Prospa has laid down a plan to become more like a business bank by adding to its unsecured loans a range of additional services, including payments, invoice and expense management and overdrafts.

The more ambitious strategy to compete directly with business banks – without becoming a deposit-taker regulated by the Australian Prudential Regulation Authority – came as Prospa reported record levels of new loans, revenue and earnings for the first half on the back of small businesses recovering from COVID-19.

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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au

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    Original URL: https://www.afr.com/companies/financial-services/prospa-sets-plans-to-be-more-bank-like-without-becoming-a-bank-20220216-p59wxx