Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Progressa Closes $84 Million Funding Round Co-Led by Canaccord Genuity and Gravitas Securities, Supporting Record Growth
Progressa Release | Aug 14, 2018
TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Progressa, a Vancouver and Toronto based financial technology company, announced today it has successfully closed an $84 million equity and loan funding round. The equity financing was co-led by Canaccord Genuity Corp. and Gravitas Securities Inc. and included Eight Capital and Paradigm Capital as part of the syndicate. The equity capital allows Progressa to unlock a new forward-flow whole loan purchasing program for up to $72 million, with Vancouver-based credit fund Cypress Hills Partners.
The equity financing was largely supported by the Canadian investment banks who see the potential for Progressa to complete a go-public transaction (“IPO”) before the end of 2019.
Ali Pourdad, Progressa’s co-founder and CEO, commented, “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. We are pleased with this broad level of support from Canadian investment banks who see that Progressa is making a positive difference in the lives of Canadians.”
See: Upstart Vancouver eyes Toronto’s fintech crown
This latest financing round is anticipated to be Progressa’s last private round, as it has now raised over $15 million of equity capital since inception and begins to prepare for an IPO. Kia Besharat, Senior Managing Director and Head of Capital Markets Origination at Gravitas Securities commented, “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.” Gravitas has acted as Exclusive Financial Advisor to Progressa since May of 2016.
In the past 5 years, Progressa has established itself as a market leader in Canada by developing innovative software solutions for enterprise business that tackles a traditionally negative collections process in a positive and socially responsible way. Progressa’s solutions ultimately protect the enterprises' brand reputation, among other things, utilizing non-traditional credit evaluation techniques to improve lending outcomes. With additional lending capacity, the Company can onboard new banking partners and continue on its mission to help Canadians borrow for the right reasons and improve their financial well-being.
Miller Thomson LLP, a leading national law firm with expertise in, among other things, technology and financial services, assisted with the legal aspects of the Company’s equity round and loan purchasing program. Kevin Refah, who is the lead relationship partner for Progressa, commented, “Progressa’s new financial capacity will help position it well to continue its ascent in the Canadian FinTech space, and we certainly look forward to continuing to support Progressa and its excellent management team on the company’s impressive growth trajectory.”
See: Fintech Frenzy: Hype or Reality? A Closer Look at 6 Key Sectors
“Cypress Hills Partners is proud to have been a part of Progressa's impressive growth over the past 3 years and is excited by our continued financial relationship. Progressa has proven to be a leader in serving Canadian unbanked and underbanked consumers with their highly successful instalment loan program,” said Kelly Klatik, Managing Partner with Cypress Hills Partners.
“They have demonstrated steady and continued growth in consumer underwriting practices and significant advancement in their adjudication technology required to further scale their lending business. We are proud to work with them as they continue their expansion and innovation in the Canadian FinTech industry.”
Progressa is experiencing a truly transformative year, expected to near $100 million of loan funding before the end of 2018. With offices in Vancouver and Toronto, the Company has over 100 team members and continues to make significant investments in its proprietary credit score that drives all of its enterprise software solutions.
Continue to the original release --> here
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org
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Regulation | Nov 24, 2023 UK's Approach to CBDCs and Privacy On November 7, 2023, a question raised in the UK Parliament by Mr. David Davis, a Conservative MP, brought to light the critical issue of privacy in the context of a UK CBDC. The response from Andrew Griffith, also a Conservative MP, emphasized the UK Government's commitment to ensuring rigorous standards of privacy and data protection in the design of a digital pound. Notably, the government assures that neither it nor the Bank of England would have access to personal data or insights into consumer spending habits. A recent development in the UK Parliament highlights the growing concern and attention towards the privacy implications of these digital currencies. As Canada's fintech community closely monitors global trends, the discussion around the UK's potential digital pound offers valuable insights. Implications for Fintechs and Canada For fintech companies and stakeholders in Canada, the UK's stance on privacy in the realm of digital currencies is both a benchmark and a learning opportunity. It highlights the importance of balancing innovation with consumer rights, particularly in a domain as sensitive as financial transactions. The UK's consultative approach, involving feedback from February to June 2023, also ...
Payments Regulation | Nov 24, 2023 The final regulations for the Retail Payment Activities Act (RPAA) have been published in the Canada Gazette, Part II. These regulations help clarify the details of the legislation and outline the intentions of the law. Payment service providers (PSPs) will be required to register with the Bank of Canada starting on November 1, 2024. The Bank’s related supervisory requirements will follow in September 2025. More information is now available. More resources: Canada’s New Retail Payment Regulations: Registration and Compliance Summary: This article explores Canada's Retail Payment Activities Framework, impacting PSPs in 2024. It discusses compliance, exemptions, and its effect on the fintech sector. Published: Nov 16, 2023 Read more Preparing for Retail Payment Act Changes Summary: Discusses the final regulations under the Retail Payment Activities Act in Canada, expected to be published in the Canada Gazette II, and the significant changes and preparations in retail payments supervision. Read more Regulatory Consultation (Feedback by March 28, 2023): Retail Payment Activities Act (RPAA) Summary: Covers the Department of Finance Canada’s proposed regulations on the RPAA, published for public comment, and the importance of the public comment period. Read more McCarthy Tetrault: Fintech Regulatory Developments: 2021 Year ...
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