TORONTO, July 25,
2024 /CNW/ - Propel Holdings Inc. ("Propel") (TSX:
PRL), the fintech facilitating access to credit for underserved
consumers, announced an upsize of $80
million to its existing syndicated credit facility for the
CreditFresh line of business ("the credit facility"). With the
upsize, the total commitment for the credit facility is
$330 million.
CreditFresh's loan portfolio has experienced incredibly strong
growth over the past several years driven by the expansion of its
bank partnerships and delivery of best-in-class products for the
underserved market in the US. The upsized credit facility will
further support Propel's growth strategy. The credit facility
continues to be led by sophisticated lenders Bastion Management and
affiliates thereof ("Bastion") and Hudson Cove Capital Management,
LLC and affiliates thereof ("Hudson Cove"). The syndicate also
includes new banks.
"We have ambitious growth plans. This credit facility will
enable us to provide liquidity to support the ongoing growth of the
CreditFresh portfolio. The continued support from large,
institutional lenders, such as Bastion and Hudson Cove, and the addition of new
industry-leading banks to the syndicate, is a testament to Propel's
strong fundamentals and performance. Propel has delivered quarter
after quarter of record results, while also building financial
opportunity for underserved consumers. We are incredibly confident
in our ability to continue our growth trajectory and deliver value
to our investors and partners," said Clive
Kinross, Propel's Chief Executive Officer.
About Propel
Propel Holdings (TSX: PRL) is the fintech company building a new
world of financial opportunity for consumers, partners, and
investors. Propel's operating brands — Fora Credit, CreditFresh and
MoneyKey — and our Lending-as-a-Service product line facilitate
access to credit for consumers underserved by traditional financial
institutions. Through its groundbreaking AI-driven platform, Propel
evaluates customers in a more comprehensive way than traditional
credit scores can. The result is better products and an expanded
credit market for consumers while creating sustainable, profitable
growth for Propel. Our revolutionary fintech platform has
already helped consumers access over one million loans and lines of
credit and over one billion dollars
in credit. At Propel, we are here to change the way customers,
partners and investors succeed together. Learn more at
www.propelholdings.com
(www.foracredit.ca, www.creditfresh.com, www.moneykey.com)
SOURCE Propel Holdings Inc.
