Prospa
Prospa is a Nigerian-licensed fintech operating a mobile-first business banking and management platform for micro and small African businesses, combining digital accounts with invoicing, expense cards, e-commerce, and credit on a freemium model.
- Company typePrivate
- Founded2019
- HeadquartersLagos, Nigeria
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Prospa does
Prospa Technologies Limited is a Nigerian-licensed fintech founded in 2019 and headquartered in Lagos that operates a mobile-first, all-in-one business banking and management platform for micro and small African businesses. The product is licensed and regulated by the Central Bank of Nigeria (CBN) and combines a digital business bank account (openable in approximately five minutes with no minimum balance) with an integrated suite of operational tools, including invoicing, Webstore e-commerce, Business Hub dashboard, sub-accounts, Teams collaboration, expense cards (physical and virtual), spend management, POS devices, split/recurring payment automation, and a Business API for developers.
The underlying technology is a cloud-based, mobile-first platform distributed via iOS, Android, and web applications, with native integrations to QuickBooks, WaveApps, Sage, and Zapier for accounting and workflow automation. Revenue is generated through tiered account maintenance fees (₦3,000–₦5,000 monthly tiers plus ₦0.85 kobo per ₦1,000 above ₦5M inflow), transaction fees on outbound transfers beyond a ₦100,000 free allowance, POS device fees (0.5% per transaction on Android Next-Gen POS), card issuance fees (₦1,000 for virtual cards), and premium subscription plans with higher limits, dedicated account management, and API access.
Go-to-market is primarily product-led growth via a freemium pricing model, supported by community-building through Prospa Campus (Slack and WhatsApp), content marketing via a 100+ article blog, organic social media, a referral program, and selective in-person support centers. The company claims 150,000+ businesses served globally, with primary operations in Nigeria and stated cross-border payment capability to Ghana, Kenya, and the UK. Notable backers include Global Founders Capital, Liquid 2 Ventures, Y Combinator (W21), and Microtraction, following a $3.8M pre-seed round in September 2021 that ranked among the largest in sub-Saharan Africa at that stage.
Prospa firmographics
Firmographics- Name
- Prospa
- Legal name
- Prospa Technologies Limited
- Website
- https://www.getprospa.com/
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Prospa is a Nigerian-licensed fintech operating a mobile-first business banking and management platform for micro and small African businesses, combining digital accounts with invoicing, expense cards, e-commerce, and credit on a freemium model.
- Ownership category
- akta.pro rank
Prospa industry classification
Industry- Product category
- Small Business Banking
- NAICS
- Software Publishers (513210), Depository Credit Intermediation (5221)
- SIC
- Services-Prepackaged Software (7372), Short-Term Business Credit Institutions (6153)
- akta.pro primary industry
- SME Banking Suite (Business Accounts, Invoicing, Payroll Integrations) (FSAGAAAI)
- akta.pro secondary industry
- Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD)
Keywords
Where Prospa is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices2 records
Markets served
Prospa business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- Account Maintenance Fees: Monthly maintenance charges based on inflow volume: ₦3,000 for inflow up to ₦500,000, ₦5,000 for inflow up to ₦5 million, and ₦0.85 kobo per ₦1,000 over ₦5 million. This is the primary revenue stream from account holders.
- Transaction Fees: Charges for outbound transfers beyond the monthly free allowance of ₦100,000. Per-mile charges at ₦0.85 kobo per ₦1,000.
- POS Transaction Fees: 0.5% per transaction for Android Next-Gen POS devices, with rates varying by industry.
- Card Fees: Virtual cards charged at ₦1,000. Physical Naira and Dollar Visa/Mastercard cards are free, though delivery charges apply.
- Premium/Upgrade Plans: Premium accounts offering higher limits, dedicated account manager, API access, and additional features for business customers seeking the full Prospa experience.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Monthly | Free tier with ₦0 opening balance and basic features |
| Subscription | Monthly | Account Maintenance Charges (applied after free allowance) |
| Transaction based/ take rate | Pay-as-you-go | POS Transactions |
| Transaction based/ take rate | Pay-as-you-go | Card Fees |
| Subscription | Monthly | Premium Upgrade Plans |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels6 records
Prospa product offering
Product offeringCore offering
Prospa Technologies Limited is a Nigerian fintech operating a mobile-first neobank platform that enables entrepreneurs and small businesses to open a digital business current account in approximately five minutes, with no paperwork required. The platform combines core banking (multi-currency accounts, transfers, payments, expense cards, POS) with integrated business management tools (invoicing, webstore, payroll automation, sub-accounts, team management) and a relationship-led business credit facility that builds lending history automatically from on-platform transaction activity.
Product overview
Prospa is a fintech company offering an all-in-one business banking and management platform for African entrepreneurs and small businesses. The core offering is a digital business bank account that can be opened in 5 minutes, which serves as the foundation for a comprehensive suite of integrated products. The platform includes Business Loans & Invoice Financing for tailored credit solutions, Expense Cards (physical and virtual) for team spending management, and Spend Management tools for budget controls. Beyond basic banking, Prospa provides operational tools including Webstore (e-commerce platform), Invoicing, Business Hub (dashboard with analytics), Sub-accounts for financial organization, Teams for employee management, and Automation features for split and recurring payments. The ecosystem also includes a Business API for developers to integrate Prospa's financial operations into their own applications, and direct integrations with accounting software like Sage, Quickbooks, WaveApps, and Zapier.
Differentiator
Problem solved
Functional benefit
Products and services
- Business Bank Account Mobile-first digital business current account with no paperwork, available to registered businesses, unregistered businesses, and freelancers. Supports multi-currency holdings, transfers, withdrawals, and serves as the foundational product on which other Prospa services are built.
- Business Loans & Invoice Financing Credit facilities for eligible Prospa business account customers, including working-capital loans and invoice financing. Access is relationship-led, with borrowing history and repayment tracked within the Prospa account so the platform builds an internal credit profile on the customer's behalf.
- Instant Expense Cards Instant-issue business debit/expense cards issued to Prospa account holders for online and offline payments. Cards enable owner and team spending, with applicable transaction fees and per-mile charges described on the Prospa pricing page.
- Smart Spend Management for Businesses Spend management tooling for Prospa business account holders to track, control, and reconcile team expenses. Lets business owners issue cards, set limits, and monitor outflows against their Prospa account.
- POS Device Physical point-of-sale hardware that Prospa merchants can deploy to accept card payments in person, settled into their Prospa business account at a published per-transaction rate (e.g., 0.5% per transaction).
- Prospa Business API Developer-facing Business API that lets partners and accounting platforms (e.g., Wave, QuickBooks, Sage) integrate with a Prospa business account. Allows businesses and partners to programmatically access account data and operations.
Quantifiable outcome
- Open a business account in 5 minutes vs 2 weeks to 1 month at traditional banks
- +4 more outcomes
Companies that use Prospa
Customer profileNamed customers7 records
Segments3 records
Ideal customer profiles2 records
Prospa technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration4 records
Feature9 records
Prospa partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Qantas Business RewardscoreAustralian fintech lender Prospa partnered with Qantas Business Rewards to offer eligible SME borrowers up to 500,000 Qantas Points per loan when taking out a Prospa Small Business Loan or Business Loan Plus. This partnership, described as a first in the non-bank SME lending space, allows business owners to redeem points for travel, accommodation, and other business costs. Prospa also indicated plans to expand the arrangement to include bill payment functionality through its payments platform.
Scale indicators5 records
Recent moves6 records
Expansion highlights6 records
Prospa competitors and assessment
Company assessmentDirect peers
- Kuda Bank: Kuda is a Nigerian-licensed neobank offering business and personal current accounts, cards, transfers, and savings via mobile app — directly comparable to Prospa's mobile-first SME banking proposition in the same Nigerian market.
- Moniepoint: Moniepoint (formerly TeamApt) provides business banking, POS, payments, and credit to Nigerian SMEs and agents, competing head-to-head with Prospa across business accounts, POS, and SME lending.
- Carbon (formerly Paylater): Carbon is a Nigerian digital lender and neobank offering loans, savings, and business banking via mobile app, overlapping with Prospa's credit and account products for the same micro/SME segment.
- FairMoney: FairMoney provides nano-loans, personal/SME banking, and cards to Nigerian underbanked customers, closely matching Prospa's combination of digital banking and tailored credit for small businesses.
- OPay: OPay is a large Nigerian super-app offering payments, POS, cards, savings, and credit to consumers and merchants, representing a direct competitor in mobile-first banking and POS for Nigerian SMEs.
- Sparkle: Sparkle is a Nigerian digital business banking platform offering current accounts, invoicing, expense management, and analytics to SMEs — a near-identical product surface to Prospa.
Broad incumbents
- Paystack: Paystack (owned by Stripe) is a leading Nigerian payments infrastructure provider for online and offline businesses, overlapping with Prospa on payment acceptance, webstore/online merchant flows, and developer APIs.
- Flutterwave: Flutterwave is a pan-African payments and business tools provider offering payment processing, POS, and cross-border services to merchants, comparable to Prospa on payment, POS, and cross-border merchant infrastructure.
Regional players
- TymeBank: TymeBank is a South African digital retail and SME neobank delivering low-fee accounts and merchant tools, offering a regional parallel to Prospa's digital-first SME banking model in another African market.
Emerging players
- Stitch (formerly Nomanini) / Mono: Mono is a Nigerian open-banking and financial data API provider serving lenders and fintechs, adjacent to Prospa's API/data play and targeting the same Nigerian SME and developer ecosystem.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Prospa social profiles
Digital presenceProspa compliance and trust
Trust signalCompliance1 record
Prospa financial estimates
Financial estimateRevenue estimate
Valuation estimate
Prospa leadership team
Management profileNumber of profiles
Profiles4 records
Prospa funding detail
Funding detailFunding overview
Funding rounds4 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Prospa 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 Prospa
What does Prospa do?
Prospa Technologies Limited is a Nigerian fintech operating a mobile-first neobank platform that enables entrepreneurs and small businesses to open a digital business current account in approximately five minutes, with no paperwork required. The platform combines core banking (multi-currency accounts, transfers, payments, expense cards, POS) with integrated business management tools (invoicing, webstore, payroll automation, sub-accounts, team management) and a relationship-led business credit facility that builds lending history automatically from on-platform transaction activity.
Is Prospa a public or private company?
Prospa is a private company. It is classified as venture growth investor backed and is currently operating.
When was Prospa founded?
Prospa was founded in 2019. It employs 11 to 50 people.
Where is Prospa based?
Prospa is headquartered in Lagos, Nigeria, in the Africa region.
How does Prospa make money?
Five revenue lines are on record. Account Maintenance Fees are the primary driver. The others are transaction Fees, POS Transaction Fees, card Fees and premium/Upgrade Plans.
Who are Prospa's main competitors?
Direct peers on record are Kuda Bank, Moniepoint, Carbon (formerly Paylater), FairMoney, OPay and Sparkle. Broad incumbents are Paystack and Flutterwave. TymeBank is listed as a regional player. Stitch (formerly Nomanini) / Mono is listed as an emerging player.
Does Prospa have an API?
Yes. Prospa offers a Business API that allows companies to connect their applications to Prospa for managing payroll, payments, expense cards, collections, and multi-business dashboards. No specific documentation URL, API type (REST/GraphQL), auth method, rate limits, or versioning details are provided in the source material.
What industry is Prospa in?
Prospa's product category is Small Business Banking. Its primary akta.pro industry code is FSAGAAAI, SME Banking Suite (Business Accounts, Invoicing, Payroll Integrations), with a secondary code of FSAGALAD, Embedded Lending & Credit (POS, Working Capital, Credit Lines). Its NAICS code is 513210 and its SIC code is 7372.