The credit facility supports the company’s medium-term strategic growth plan
TORONTO, ON, February 24, 2023 – Propel Holdings Inc. (“Propel”) (TSX: PRL), an innovative fintech company dedicated to credit inclusion, announced a new $250 million syndicated credit facility for the company’s CreditFresh line of business (“the credit facility”). 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 credit facility will enable the company to continue supporting this growth trajectory and unlocking the significant opportunity in this line of business. The credit facility includes the participation of several sophisticated lenders, led by Bastion Management and affiliates thereof (“Bastion”) and Hudson Cove Capital Management and affiliates thereof (“Hudson Cove”).
“We are pleased to have closed this credit facility, which will enable us to continue executing on our strategic plan and provide sufficient liquidity to support the growth of the CreditFresh portfolio. 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. 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,” said Clive Kinross, Propel’s Chief Executive Officer.
Propel (TSX: PRL) is an innovative financial technology (“fintech”) company, committed to credit inclusion by facilitating fair, fast and transparent access to credit through its proprietary, industry-leading online lending platform. Understanding the challenge faced by millions of people without adequate access to credit, Propel, through its operating brands, is dedicated to bringing appropriate credit solutions to consumers in Canada and the United States. For more than a decade, Propel has leveraged its expertise in consumer lending, its robust capabilities in artificial intelligence and underwriting, and its steadfast dedication to a superior customer experience to facilitate approximately one million loans and lines of credit to consumers in need. For more information, please visit propelholdings.com.
Certain statements made in this press release may constitute forward-looking information under applicable securities laws. These statements may relate to the growth and opportunity of the CreditFresh portfolio, the execution of our CreditFresh strategic plan, the liquidity profile of our CreditFresh business and ability to deliver growth and profitability. As the context requires, this may include certain targets as disclosed in the prospectus for our initial public offering, which are based on the factors and assumptions, and subject to the risks, as set out therein and herein. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”, “should”, “would”, “outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the negative of these terms or variations of them or similar terminology.
Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the “Risk Factors” section of the Company’s annual information form dated March 21, 2022 for the year ended December 31, 2021 (the “AIF”). A copy of the AIF and the Company’s other publicly filed documents can be accessed under the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com.
The Company cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. The forward-looking information contained in this press release represents our expectations as of the date of this press release (or as the date they are otherwise stated to be made), and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
For further information, please contact:
Senior Vice President, Corporate Affairs & Chief Compliance Officer