IPO - Prospa Group Limited, page-44

I suspect that the following had more to do with their canning of the float than anything else:

Westpac ends Prospa deal as banks plan more unsecured SME lending

https://www.copyright link/business...an-more-unsecured-sme-lending-20180611-h117ta

Interesting Extract:

Meanwhile, National Australian Bank is ramping up its own unsecured small business lending product, known as QuickBiz. It was launched in 2016 and now makes loans of up to $100,000.

NAB developed the product to compete with fintechs and says it is faster and cheaper than start-up offerings. NAB said it can make credit decisions within 60 seconds and offers a fixed annual interest rate of 12.95 per cent, compared to an average annual rate of 41 per cent offered by Prospa.

See, as a business I would look at 13% for short term financing especially if its based on a personal guarantee, that seems like a reasonable market price, even 15%.   40% just doesn't seem viable / reasonable option.