News

Vancouver-based fintech Progressa, once readying for IPO, files for creditor protection instead

VANCOUVER — A Canadian fintech company that attracted millions of dollars from investors and said it had begun preparing for an initial public offering has filed for creditor-protection proceedings, instead. 

Vancouver-based Progressa, an alternative lender, filed under the Companies’ Creditors Arrangement Act in late September, with court documents showing it owed tens of millions and required an immediate infusion of money. 

Later this week, some of the company’s creditors will vote on a plan that would see them receive at least some of what they’re owed and the company continue under new ownership. However, not everyone likes the proposal, which would see another entity linked to the current chief executive officer become Progressa’s sole shareholder. Some argue it may not be the best option and has the tinge of at least a perceived conflict of interest, with some of them asking the court to postpone the meeting.

    Subscribe now to start reading premium, award-winning journalism.

    By entering your e-mail you consent to receiving commercial electronic messages from The Logic Inc. containing news, updates, offers or promotions about The Logic Inc.’s products and services. You can withdraw your consent at anytime. Please refer to our privacy policy or contact us for more details.

    In-depth, agenda-setting reporting

    Great journalism delivered straight to your inbox.

    Briefing

    Montreal’s RailVision Analytics raises US$4M in seed funding

    Government launches BDC legislative review

    Suncor to retain downstream assets in defiance of activist investor push

    Best business newsletter in Canada

    Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.

    Exclusive events

    See the bigger picture with reporters and industry experts in subscriber-exclusive events.

    Membership in The Logic Council

    Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.

    Canada's most influential executives and policymakers are reading The Logic

    • CPP Investments
    • Sun Life Financial
    • C100
    • Amazon
    • Telus
    • Mastercard
    • bdc
    • Shopify
    • Rogers
    • RBC
    • General Motors
    • MaRS
    • Government of Canada
    • Uber
    • Loblaw Companies Limited