Progressa raises $84 mln in debt, equity in advance of IPO
Vancouver-based financial technology company Progressa said it closed a debt and equity financing of C$84 million. Canaccord Genuity and Gravitas Securities led the equity funding. They were joined by a syndicate that included Eight Capital and Paradigm Capital. The investment facilitates a loan purchasing program of up to C$72 million with Cypress Hills Partners, a Canadian merchant banking firm. Progressa said it expects the private round to be its last, as the company has begun preparing for an initial public offering next year. Founded in 2013 and led by CEO Ali Pourdad, Progressa is an alternative lender focused on helping consumers resolve overdue bills and other outstanding debts.
16 August 2018•5 mins read
