Financial Times Names Propel Holdings to its Americas' Fastest Growing Companies of 2024 List
TORONTO, April 4, 2024 /CNW/ - Propel Holdings Inc. ("Propel" or the "Company") (TSX: PRL), the fintech facilitating access to credit for underserved consumers, today announced it had been recognized as one of the fastest-growing companies in the Americas on the Financial Times' prestigious annual ranking.
Propel is one of 500 companies that made the list, all a result of its organic growth. The Americas' Fastest Growing Companies 2023 ranking lists the top 500 companies in the Americas that have achieved the highest compound annual growth in revenues between 2019 and 2022. The award list was announced on April 4th, 2024, and can be viewed on the Financial Times website.
"We are twelve years into our journey to becoming the leading financial institution for undeserved consumers and our organic growth continues to be phenomenal. It's an honour to be included on the Financial Times' list of high-growth companies. Our placement is a direct result of our AI-powered technology, best in class products and focus on organic, profitable growth. From 2019 to 2022, we achieved 49 percent cumulative annual growth for revenue, 96 percent cumulative annual growth for net income, and 115 percent cumulative annual growth for adjusted net income1. During this time, we launched multiple bank partnerships and new products enabling us to expand the consumers we can serve in the US. We also launched Fora in Canada, further expanding our geographical footprint. These developments have positioned us to continue our exceptional and profitable growth," said Clive Kinross, Chief Executive Officer of Propel.
"Fundamentally, our outstanding organic growth speaks to the millions of undeserved consumers who are locked out of traditional financial institutions. For these underserved consumers, Propel and our bank partners, powered by our industry-leading AI-platform, offer superior products across the credit spectrum. To date, we have helped over 750,000 consumers access credit. Yet, in North America alone there are more than 70 million consumers who are underserved. We are on a mission to enable access to credit to these consumers and the millions of more consumers globally," added Mr. Kinross.
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See "Non-IFRS Financial Measures" below. Please also refer to "Non-IFRS Financial Measures and Industry Metrics" and "Key Components of Results of Operations" in Propel's MD&A for the relevant period available on SEDAR+ for further details concerning these non-IFRS financial measures including definitions and reconciliations to the relevant reported IFRS measures. |
Propel (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
This press release makes reference to certain non-IFRS financial measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Such measures include "Adjusted Net Income".
These non-IFRS financial measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers. The Company's management also uses non-IFRS financial measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to determine components of management and executive compensation. The key performance indicators used by the Company may be calculated in a manner different than similar key performance indicators used by other similar companies.
Definitions and reconciliations of non-IFRS financial measures to the relevant reported measures can be found in our MD&A dated March 12, 2024, which is available on SEDAR+ and is incorporated by reference herein.
SOURCE Propel Holdings Inc.
Please contact: Lindsay Finneran-Gingras, Vice President, Communications, [email protected]; Devon Ghelani, Senior Director, Capital Markets and Investor Relations, [email protected]
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