Hundreds of millions of consumers around the world are underserved by traditional financial institutions. In Canada and the US there are over approximately 70 million underserved consumers who struggle to access credit from traditional financial institutions.
We are changing that. At Propel, we’re building a new world of financial opportunity. A world where those who were once locked out, find themselves included.
The consumers we serve are everyday people. They are your friends and neighbours who, for various reasons, may not have perfect credit histories. They may have had unexpected expenses pile up or are new to the country with no credit history. As a result, they’re locked out of the traditional financial system. We think there is a better way. That’s why we are replacing stigma with solutions, one customer at a time.
1) Data based on all Propel operating brands during the period July/22-Sept/23.
2) Average Credit score based on FICO™ credit score data provided by consumers
Average loan amount1
Approximate Average income1
Average Credit Score2
are 35-54 years old1
A new world of financial opportunity starts with a new way of looking at finances.
Traditionally, a lender will only look at credit scores that are based on a few basic data points to determine if an applicant is worthy of credit. While this works for prime consumers, it locks out consumers with uneven or thin credit histories.
Our AI-powered technology changes that by using AI that can look at over 5,000 data points on each applicant to give us a more holistic picture of their financial health. Where an application with a traditional lender may have been rejected, our AI can give them a second look.
And with each loan screened and data inputted, our AI gets stronger. With more than twelve years of data, our AI is how we lead the industry in innovation and profitability.
At the same time, AI-powered technology overseen by our risk team, dynamically incorporates current macroeconomic trends like the national unemployment rate, market volatility and interest rates to add further context.
The result is our own proprietary score that is a better reflection of the customer’s financial health.
Once approved, consumers serviced by our platform are quickly funded by ourselves or our partners. And as consumers repay, depending on the program, they can rebuild their credit scores and qualify for better rates.
Our AI-powered technology is allowing us to bring more consumers into the financial system and, at the same time, helping us grow profitably. Because the world we’re building isn’t zero sum.
Launched Proprietary Loan Management System
Achieved First Full Year of Profitability
Launched AI-powered underwriting
Launched CreditFresh and First Bank Partnership
IPO + Launched Propel brand
Launched Fora in Canada
Facilitated over $1Billion in lending
Upsized CreditFresh program debt facility to $250M
Launched Lending as a Service with Pathward Bank N.A.
We are building a new world of financial opportunity built on three key pillars.
Everyone deserves an opportunity to live a better life. Today, we’re focused on the approximately 70 million consumers in North America who aren’t being properly served by the mainstream — but the global challenge of inclusion is one that we have in our sights as we continue to grow.
We want to see consumers thrive. So instead of helping them once then saying goodbye, we are committed to giving them the potential to evolve to other credit products over time. We are here to help consumers achieve better long-term financial health.
Every individual deserves respect, so we’ve built an industry-leading digital experience for them that hinges on exceptional service. We also provide financial tools, education and other products designed to help consumers learn and succeed on their financial journey.