Propel announces fresh $250m credit facility

By Gloria Methri

Propel Holdings, the Toronto-based FinTech company dedicated to credit inclusion has announced a new $250 million credit facility for the company’s CreditFresh line of business. The new credit facility replaces and upsizes the previous CreditFresh facility by $90 million.

The CreditFresh portfolio has experienced significant growth since its inception, driven primarily by the expansion of the company’s transformative bank partnership programs. The new facility will support the company’s growth trajectory and unlock opportunities in this line of business.

The credit facility includes the participation of several lenders, led by Bastion Management and Hudson Cove Capital Management.

“We are pleased to have closed this credit facility, which will enable us to continue executing our strategic plan and provide sufficient liquidity to support the growth of the CreditFresh portfolio,” said Clive Kinross, Propel’s Chief Executive Officer.

“Completing a significant transaction in this market environment and receiving strong interest and support from large, institutional lenders is representative of Propel’s strong fundamentals, resiliency, and growth prospects.”

Kinross further said, “Through this facility, we continue our long-standing partnership with Bastion and establish new relationships with industry leaders like Hudson Cove. Propel has delivered consistently strong results while evolving into a leading, diversified online global FinTech company. We are steadfast in our commitment to delivering profitable growth while furthering our mission of facilitating access to credit for more underserved consumers.”

Propel leverages its expertise in consumer lending, its capabilities in artificial intelligence and underwriting, and customer experience to facilitate approximately one million loans and lines of credit to consumers in need.