Record levels of growth in lending on its small business financing platform has driven Propell Holdings to raise its existing wholesale facility to $7.5 million – a 50% increase.

An agreement has been reached with facility provider Altor Capital Management, the company said, on the back of positive developments recently announced for the second half of FY22.

Among these successes, Propell (ASX: PHL) delivered its sixth consecutive quarter of at least 30% quarter-on-quarter customer growth in Q4 FY22.

“We now have over 2150 customers on the platform, compared with 320 at listing in 2021,” Propell CEO Michael Davidson told Reach Markets recently.

The company, which is targeting 100,000 clients within the next five years, also saw its average loan size increase to just under $20,000, representing 40% quarter-on-quarter growth.

Lending volumes expanded in the June 2022 quarter as well, reaching $3.4 million (up 35% on the previous quarter), with May and June representing the largest months on record.

“We have experienced significant growth across several metrics, while completing a capital raise, further developing our platform, launching new financing products and completing most projects on or ahead of time,” Mr Davidson said.

“Given this growth, we have entered into discussions with wholesale lenders with the view to further increase facilities in order to help us fund our loan book growth over the long term.

“Securing access to a larger wholesale facility is a key part of our journey as we scale; and with our core tech finalised, we are now able to shift our focus to revenue growth.”

Helping the company in this endeavour will be Propell’s new CFO, Gary Hazelwood.

Mr Hazelwood has more than 20 years’ experience in finance roles, including at Deloitte, Goldman Sachs and Auto & General, and has completed more than a dozen M&A transactions, with a combined value of over $1 billion.

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Reach Markets have been engaged by Propell Holdings Ltd and may receive fees for its services.

Sources:

• ASX Announcement, Propell further increases wholesale facility to support growth