Canadian financial technology company Progressa has closed an $84m equity and loan funding round, which was jointly led by Canaccord Genuity and Gravitas Securities.
The latest funding round was also joined by Eight Capital and Paradigm Capital. It is anticipated to be the last private round of the company before its planned IPO next year.
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Progressa is a direct-pay lending platform that helps Canadian individuals who are in debt pay back their due bills.
The new funding will enable the company to advance a new whole loan purchasing programme for up to $72m.
Progressa co-founder and CEO Ali Pourdad said: “Progressa is proud to have developed first-to-market technology solutions for the Canadian non-prime credit consumer market.
“Today’s enterprise business partners are utilizing the Company’s Powered by Progressa solutions to improve their customer experience, while enhancing collections recoveries and mitigating significant risk, a true win for both enterprise and Canadian consumers.”
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By GlobalDataSince 2013, Progressa has focused on offering software solutions for enterprise businesses to tackle negative collections process.
It utilises non-conventional credit evaluation techniques to enhance lending outcomes and capacity.
Commenting on the financing round, Gravitas Securities senior managing director and head of Capital Markets Origination Kia Besharat said: “We are incredibly excited to have supported Progressa over both its bridge and pre-IPO rounds in 2017 and 2018.
“Ali has assembled a world-class management team and has operated the business like a public company for as long as we have been working with him.
“We look forward to continue watching Progressa’s success in tackling the vastly underserved collections debt and retail point-of-sale finance market in Canada.”
Progressa has two offices in Vancouver and Toronto and employs more than 100 people.
