Westpac has been quietly piloting a partnership with new Aussie online small business lender Prospa for the past few weeks. Prospa – which has so far loaned about $80 million in the past two years now assesses $30 million worth of applications a month. 

Banks in Australia almost always require security before lending to small business due to capital requirements. Prospa lends amounts between $5000 and $250,000 to businesses. These amounts would often be too small to be profitable for a bank.