Prospa provides digital business banking services, including current accounts and payment processing, tailored for growing enterprises in Nigeria. The platform offers flexible business loans and invoice financing options based on operational history and structure. Additionally, it features expense cards and spend management tools for real-time team expenditure control and financial oversight.
Funding
$3.9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Small businesses in Nigeria face challenges managing their finances due to limited access to efficient banking tools and financial services. Traditional banking processes can be cumbersome, time-consuming, and lack the integrated solutions needed for modern business operations. This can hinder growth and make it difficult for businesses to track spending, manage payments, and access necessary credit.
Solution
Prospa provides a digital banking platform designed to streamline financial operations for Nigerian small businesses. The platform offers business accounts, expense cards, invoicing tools, and spend management features, all accessible through a user-friendly mobile and web interface. Prospa enables businesses to make and receive payments seamlessly, track spending in real-time, and manage their finances efficiently. Additionally, Prospa provides access to credit facilities, allowing businesses to unlock growth opportunities and manage their cash flow effectively. By integrating essential financial tools into a single platform, Prospa empowers businesses to work smarter and focus on achieving their goals.
Target Audience
Prospa primarily targets Nigerian small business owners, freelancers, startups, and growing companies seeking a comprehensive digital banking solution to manage their finances efficiently.
Features
- Business accounts with a dedicated account number
- Corporate debit cards for easy expense management
- Tools for creating and sending invoices
- Spend management features with limits, approvals, and sub-accounts
- Real-time tracking of spending
- Access to credit up to ₦1,000,000
- Automated treasury management with up to 10% interest on cash balances
- Integration with existing accounting software
- Ability to add and manage team members with defined roles
- Auto-split funds across sub-accounts