Quite simply, Salesforce works. From day one, it has delivered results for us.”

Beau Bertoli, Joint CEO

Prospa gives small business a new path to capital with Salesforce

Recognising that small businesses need easy access to finance, loan service provider Prospa was created in 2011. Prospa was ranked the fastest growing technology company in Australia (Deloitte Tech Fast50 Australia), and the third fastest in Asia (Deloitte Asia Tech Fast500).

With Prospa, small businesses can apply online for loans of up to $250,000 using a simple online application, get a fast decision and in many cases receive funding in under 24 hours. “Prospa is all about creating pathways that are empathetic to how time-poor small business owners operate. It can be really daunting for owners who are wearing lots of different hats – like HR, IT, and marketing – to put on the finance hat and fill out a 15-page loan application form,” explained Beau Bertoli, Joint CEO, Prospa.

Prospa sought to reinvent the loan application experience for small business owners, making it fast, easy and flexible. It was a whole new way of looking at finance. Small business owners reach out to Prospa from a range of channels – online, phone, email and its 2500 partners – and can apply online for a loan. From there, the application is sent to a credit officer who uses Prospa’s advanced credit decision engine to make a quick decision, and the approval is sent back to the customer for acceptance online.

A single view of the customer is critical. Using Service Cloud, the team can access this single view anywhere, any time – seeing everything from how many times a customer has applied for a loan, to what types of support questions the customer is asking and how they were resolved.

Scalability goes hand-in-hand with this single view of the customer. Prospa has grown from 25 to 85 employees and has enjoyed 6700% revenue growth – with no hiccups in customer service.

As well as delivering exceptional customer service, Prospa can use analytics captured via Salesforce to continually refine and develop new products. “Salesforce gives us a lot of confidence to create new products – which, in our industry, each carry risk. We draw on customer insights to create products that better respond to customer needs,” said Bertoli.

Prospa collaborates with 2500 partners – finance brokers and intermediaries – to help sell its products. A customer portal lets partners access key customer data and insights. This portal connects with a partner community to help partners grow their business. The approach clearly works. Feedback has been phenomenal, with huge engagement from partners. Prospa now has five times more partners than its closest competitor.

Two AppExchange apps create a seamless customer experience, connecting all the points in the customer journey. At the start of the funnel, cloud-based telephony platform New Voice Media integrates with Service Cloud to show the Prospa sales team if a new customer is calling. Then, towards the other end of the funnel, Docusign is used to capture electronic signatures – vital to an online loan application process. According to Bertoli, a stand-out benefit of Salesforce is that it enables the business to do much more with less.

“One core metric that Salesforce has had a direct impact on is the number of people it takes to give a customer the solution they’re looking for. With Salesforce, we’ve halved the number of touchpoints from five people to 2.5 people,” said Bertoli.

Automation has grown significantly since Salesforce was implemented – three years ago, 20% of Prospa’s business processes were automated, today this is at 50%.

Given Prospa’s remarkable growth over the past four years, the future looks very bright. Bertoli is certain that Salesforce will scale with the business far into the future. “Salesforce is now our core operating system. We attribute a lot of our success to Salesforce, and we look forward to using it as we grow our business into the future,” he said.


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