Participated · Series A · Dec 2015

Progressa offers an enterprise solutions suite built for collection agencies and point-of-sale finance, enabling agencies to offer proactive solutions, drive recoveries and protect brand reputation through NPS and servicing. For point-of-sale finance, Progressa enables platform partners and originators to expand merchant offerings to service non-prime consumers and improve approval rates. The company is led by co-founder and CEO Ali Pourdad and has a team of over 100 members. Progressa expects to near $100 million of loan funding before the end of 2018. The company has raised over $15 million of equity capital since inception and is preparing for an IPO; this round is anticipated to be its last private financing. Proceeds will be used to add new banking partners and to support growth of its lending programs. progressa is a Vancouver, Canada-based platform that helps sub-prime and near-prime consumers improve their financial health through unsecured instalment loans. It uses proprietary credit scoring models and advanced data science to underwrite loans that allow credit-constrained consumers to pay past-due bills or other outstanding debts. The company offers unsecured instalment loans between $1,000 and $15,000, repayable in fixed instalments over 6 to 36 months. progressa serves Canadians in all provinces and territories except Quebec and Nova Scotia. In January 2015 the company raised $11.4m in a Series A round composed of equity and debt. It intends to use the funds to grow its consumer loan portfolio and improve its market position in Canada.