Progressa
Progressa Financial Inc. is a Vancouver-based Canadian subprime installment lender founded in 2013, offering $1,000–$15,000 loans (19.00%–34.95% APR) to help borrowers pay off overdue collections and rebuild credit, with an optional Plus subscription bundling Equifax monitoring, telehealth, and payment-skip features.
- Company typePrivate
- Founded2013
- HeadquartersVancouver, Canada
- Headcount101–250
- GTM typeB2C
- OfferingServices
What Progressa does
Progressa Financial Inc. is a Vancouver-based, privately held Canadian consumer lender founded in 2013 by a former debt collector. The company provides installment loans ranging from $1,000 to $15,000 with APRs between 19.00% and 34.95% and terms of 12 to 60 months, targeted at Canadians with subprime credit profiles and overdue bills or collection items who have been declined by traditional banks. Progressa's underwriting evaluates forward-looking affordability factors rather than relying solely on past credit history, and it bundles an integrated debt-resolution service—paying off collection items directly, verifying balances with agencies, negotiating settlements, and reporting payoff to credit bureaus—that competitors typically monetize as separate fees of $62–$212 per payment.
The core technology is a web-based loan origination and servicing platform (app.progressa.com) supported by phone-based loan representatives available 8 a.m.–9 p.m. ET weekdays and 9 a.m.–1 p.m. ET Saturdays. The platform integrates with DecisionLogic for bank-statement verification, Equifax for credit monitoring, Maple for telehealth, and Canadian Premier Life Insurance for the optional Loan Protection Plan. Revenue is generated primarily through installment-loan interest, augmented by an optional Progressa Plus subscription at $24/month that bundles Equifax credit monitoring, Maple telehealth access, a skip-a-payment feature, and NSF fee waivers. The company also offers an optional Loan Protection Plan insurance product underwritten by Canadian Premier, covering job loss, illness, critical illness, death, and milestone life events.
Progressa distributes exclusively through direct digital and phone channels, serves all Canadian provinces and territories except Quebec, and holds Canadian Lenders Association Verified Lender status. As of the available data, the company employs 101–250 people, has helped "tens of thousands" of Canadians, and has raised approximately $95.4 million across funding rounds in 2015 and 2018 led by Cypress Hills Partners, Conconi Growth Partners, Canaccord Genuity Group, and other institutional investors. No subsequent funding, acquisition, or expansion events are disclosed.
Progressa firmographics
Firmographics- Name
- Progressa
- Legal name
- Progressa Financial Inc.
- Website
- https://progressa.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Progressa Financial Inc. is a Vancouver-based Canadian subprime installment lender founded in 2013, offering $1,000–$15,000 loans (19.00%–34.95% APR) to help borrowers pay off overdue collections and rebuild credit, with an optional Plus subscription bundling Equifax monitoring, telehealth, and payment-skip features.
- Ownership category
- akta.pro rank
Progressa industry classification
Industry- Product category
- Consumer Lending
- NAICS
- Other Nondepository Credit Intermediation (52229)
- SIC
- Personal Credit Institutions (6141)
- akta.pro primary industry
- Emergency & Short-Term Installment Personal Loans (Unsecured) (FSAKAAAH)
Keywords
Where Progressa is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Progressa business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Installment Loan Interest: Progressa earns interest on loans between $1,000 and $15,000 with APRs ranging from 19.00% to 34.95%, repaid over 12 to 60 months in equal instalments. This is the primary revenue stream.
- Loan Protection Plan: Optional credit group insurance plan underwritten by Canadian Premier Life Insurance Company. Covers events such as job loss (up to 6 months of payments), injury or illness (up to 6 months), critical illness (100% of payments), and death (100% of estate's payments), plus milestone events (marriage, home purchase, birth, adoption, retirement) and unpaid family leave (up to 3 months).
- Progressa Plus Subscription: Optional subscription at $24/month plus tax (billed with each loan payment). Bi-weekly payers pay $11.08 plus tax per payment; twice-monthly payers pay $12 plus tax per payment. Includes Equifax credit monitoring, Maple telehealth, skip-a-payment feature, and NSF fee waiver.
- NSF Fees: Non-sufficient funds fees of $25 to $50 per missed payment depending on the customer's province, applicable to non-Progressa Plus subscribers.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Core Loan Product |
| Subscription | Monthly | Progressa Plus Subscription |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
Progressa product offering
Product offeringCore offering
Progressa provides installment loans ranging from $1,000 to $15,000 to Canadian consumers with subprime credit so they can pay off overdue bills and collection items, with repayment terms of 12 to 60 months at APRs between 19.00% and 34.95%. The company fully pays off clients' collection items, negotiates settlements with collection agencies, verifies balances, and immediately reports debt payoff to credit bureaus as part of the loan. Optional add-ons include the Progressa Plus subscription (credit monitoring, telehealth, payment skip, NSF fee waiver at $24/month) and a Loan Protection Plan covering job loss, illness, critical illness, and death.
Product overview
Progressa operates as a single-product consumer lending platform focused on instalment loans for Canadians seeking debt relief. The core product provides loans between $1,000 and $15,000 to pay off overdue bills, with flexible terms of 12-60 months. The Progressa Plus subscription add-on ($24/month) enhances the loan with credit monitoring, telehealth access, payment skip features, and fee waivers. An optional Loan Protection Plan (underwritten by Canadian Premier) provides payment coverage for life events. The company also offers free financial tools including an Extra Payment Calculator.
Differentiator
Problem solved
Functional benefit
Products and services
- Progressa Personal Installment Loan Personalized installment loan for Canadians with subprime credit to pay off overdue bills and collection items, with the goal of ending collection calls and improving credit scores. Loans range from $1,000 to $15,000 with terms of 12 to 60 months and APRs of 19.00% to 34.95%. The loan includes full payoff of collection items, negotiation with collection agencies, balance verification, and immediate bureau reporting of payoff.
- Progressa Plus Subscription Optional monthly subscription add-on priced at $24/month plus tax (billed with each loan payment; $11.08 per payment for bi-weekly and $12 per payment for twice-monthly schedules) that enhances a Progressa loan with Equifax credit monitoring, Maple telehealth access, up to 3 months of skip-a-payment within any 12-month period (up to 6 months over loan life), and waiver of NSF fees for missed payments.
- Loan Protection Plan Optional insurance add-on covering Progressa loan payments for up to 6 months in the event of job loss or injury/illness, 100% of payments in the event of critical illness or death, and 3 months for life-milestone events (marriage, home purchase, birth, adoption, retirement) and unpaid family leave, up to the maximum benefit. Underwritten by Canadian Premier Life Insurance Company and Canadian Premier General Insurance Agency.
Quantifiable outcome
- Progressa has helped tens of thousands of Canadians improve their financial health by paying off outstanding debt and collection items, resulting in improved credit and an end to collection calls.
- +1 more outcomes
Companies that use Progressa
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles1 record
Progressa technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature3 records
Progressa partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and supporting.
- EquifaxcoreProgressa has partnered with Equifax to provide Progressa Plus subscribers with an extensive credit monitoring portal that goes beyond the current credit score, offering a 360-degree view of financial health to help subscribers track and improve their credit standing.
- MaplesupportingProgressa has partnered with Maple to provide Progressa Plus subscribers with access to doctors or nurse practitioners through any device within minutes via the Maple App, adding a health support layer to the financial wellness subscription.
- DecisionLogiccoreProgressa uses DecisionLogic or another secure third-party bank statement verification software to collect and analyze applicant bank statement account information and detailed transaction history for credit decisioning purposes.
- Canadian Premier Life Insurance CompanycoreThe optional Loan Protection Plan offered by Progressa is a Credit Group Insurance Plan underwritten by Canadian Premier Life Insurance Company (and Canadian Premier General Insurance Agency). Coverage includes job loss, injury, illness, critical illness, death, and milestone events such as marriage, home purchase, birth, adoption, or retirement.
- No More Debts (nomoredebts.org)supportingProgressa directs prospective and existing customers to nomoredebts.org for free online financial education courses, positioning Progressa as a partner in the customer's broader financial health journey. This is offered free even to people who have not taken out a Progressa loan.
Scale indicators2 records
Recent moves6 records
Expansion highlights5 records
Progressa competitors and assessment
Company assessmentDirect peers
- SkyCap Financial: SkyCap Financial provides personal loans to Canadians with imperfect credit, including debt consolidation and credit-rebuilding use cases directly comparable to Progressa's value proposition.
- Fairstone Financial: Fairstone is a major Canadian installment lender offering personal loans to non-prime consumers, with both online and in-person channels. It competes head-to-head with Progressa in subprime debt consolidation.
- goeasy Ltd (easyfinancial): goeasy owns easyfinancial, Canada's largest non-bank provider of consumer and home-equity installment loans to non-prime borrowers. Product, customer segment, and geographic footprint overlap almost entirely with Progressa's.
- Spring Financial: Spring Financial is a Canadian alternative lender offering installment loans, debt consolidation, and credit-building products to subprime borrowers, directly overlapping Progressa's core offering and target customer.
- Cashco Financial: Cashco Financial is a Canadian installment lender with online and physical channels serving non-prime borrowers across multiple provinces — a direct analog to Progressa's installment loan model.
- Cash Money: Cash Money is a Canadian alternative consumer lender offering installment and short-term credit products, overlapping Progressa's target market and product economics.
Emerging players
- iCash: iCash is a Canadian online alternative lender offering installment and short-term credit; an emerging digital-native participant in the same subprime segment as Progressa.
- Magical Credit: Magical Credit is a Canadian online lender focused exclusively on personal installment loans to subprime borrowers; an emerging pure-play comparable to Progressa in product, channel, and segment.
Broad incumbents
- Enova International: Enova is a US/global online consumer finance company offering installment and subprime credit products across multiple markets; a broad incumbent analog demonstrating how scale players operate in adjacent subprime categories.
- CURO Group Holdings: CURO operates installment and line-of-credit products for subprime consumers in North America, providing a public-market benchmark for the unit economics and regulatory risks Progressa faces in its core product.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Progressa social profiles
Digital presenceProgressa financial estimates
Financial estimateRevenue estimate
Valuation estimate
Progressa leadership team
Management profileNumber of profiles
Profiles1 record
Progressa funding detail
Funding detailFunding overview
Funding rounds3 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Progressa M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Progressa
What does Progressa do?
Progressa provides installment loans ranging from $1,000 to $15,000 to Canadian consumers with subprime credit so they can pay off overdue bills and collection items, with repayment terms of 12 to 60 months at APRs between 19.00% and 34.95%. The company fully pays off clients' collection items, negotiates settlements with collection agencies, verifies balances, and immediately reports debt payoff to credit bureaus as part of the loan. Optional add-ons include the Progressa Plus subscription (credit monitoring, telehealth, payment skip, NSF fee waiver at $24/month) and a Loan Protection Plan covering job loss, illness, critical illness, and death.
Is Progressa a public or private company?
Progressa is a private company. It is classified as venture growth investor backed and is currently operating.
When was Progressa founded?
Progressa was founded in 2013. It employs 101 to 250 people.
Where is Progressa based?
Progressa is headquartered in Vancouver, Canada, in the North America region.
How does Progressa make money?
Four revenue lines are on record. Installment Loan Interest is the primary driver. The others are loan Protection Plan, progressa Plus Subscription and NSF Fees.
Who are Progressa's main competitors?
Direct peers on record are SkyCap Financial, Fairstone Financial, goeasy Ltd (easyfinancial), Spring Financial, Cashco Financial and Cash Money. Emerging players are iCash and Magical Credit. Broad incumbents are Enova International and CURO Group Holdings.
Does Progressa have an API?
No public API is recorded for Progressa.
What industry is Progressa in?
Progressa's product category is Consumer Lending. Its primary akta.pro industry code is FSAKAAAH, Emergency & Short-Term Installment Personal Loans (Unsecured). Its NAICS code is 52229 and its SIC code is 6141.