Propel announces upsized $330 million syndicated credit facility

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.

For further information, please contact: Lindsay Finneran-Gingras, Vice President, Communications, [email protected]; Devon Ghelani, Senior Director, Capital Markets and Investor Relations, [email protected]