What is Progressa?
Progressa operates at the intersection of fintech and lending, focusing on empowering Canadians who live paycheck to paycheck. The company's innovative approach aims to provide accessible credit solutions while also offering tools for collection agencies and enterprises to drive healthy recoveries and enhance customer relationships. By prioritizing industry-leading Net Promoter Score (NPS) and servicing, Progressa is redefining financial inclusion and debt management in Canada.
How much funding has Progressa raised?
Progressa has raised a total of $95.4M across 2 funding rounds:
Series A
$11.4M
Series B
$84M
Series A (2015): $11.4M with participation from Conconi Growth Partners and Cypress Hills Partners
Series B (2018): $84M led by Paradigm Capital, Eight Capital, Canaccord Genuity Group, and Gravitas Securities
Key Investors in Progressa
Conconi Growth Partners
Conconi Growth Partners is an investment firm that prioritizes relationships and alignment with partners over control, focusing on long-term success through a patient investment philosophy. They support businesses as founders and investors, with a portfolio that includes companies in fintech, consumer tech, and frontier technologies.
Cypress Hills Partners
Cypress Hills Capital is a private credit firm based in Vancouver, Canada, specializing in wholesale lending to other lenders. The company focuses on a receivable lending strategy, providing loan facilities secured against various types of receivables and hard assets.
Paradigm Capital
Paradigms roots extend back to the early 1970s when Candace King Weir founded an institutional research boutique specializing in small-cap equities. Recognizing that small caps presented unique opportunities to capitalize on inefficiencies and valuation discrepancies, Paradigm Capital Management was established in the early 1990s.
What's next for Progressa?
The recent major strategic investment signals a new phase of growth and expansion for Progressa. This capital infusion is expected to fuel further development of its technology platform, enhance its service offerings to enterprise clients, and broaden its reach within the Canadian market. As a fast-growing financial technology lender, Progressa is well-positioned to capitalize on the increasing demand for accessible credit and effective debt recovery solutions, solidifying its market leadership.
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