The evolution of Propel’s fintech-bank partnership platform — bringing fintech innovation and banking discipline together to expand our reach and opening new pathways for growth.
Propel Bank supports Propel's global growth strategy and allows Propel to expand into additional jurisdictions and bring more credit options to underserved consumers.
By combining fintech innovation with the trust and discipline of a licensed bank, we are strengthening our partnership platform, expanding our reach, and opening new pathways for growth.
With its IFE license, Propel Bank allows for an expanded presence in existing and new markets.
The establishment of Propel Bank creates potential for growth — including the addition of customary banking products and services, subject to regulatory approval.
By enabling partners to deliver faster, smarter digital lending experiences.
Propel Bank marks the next step in our journey to become global leaders by strengthening our partnership platform, expanding our reach, and opening new pathways for growth.
Clive Kinross
Propel Bank is a licensed International Financial Entity (IFE) and will operate as a wholly owned subsidiary of Propel. Propel Holdings will not become a bank holding company. At launch, Propel Bank will focus on serving existing and future bank partners.
Operate under the oversight of the Office of the Commissioner of Financial Institutions (OCFI)
Be headquartered in Puerto Rico with its own management team. Noah Buchman, Propel's President and Chief Revenue Officer, will also serve as Propel Bank's President
Leverage Propel's AI-powered technology platform and operational infrastructure
Propel Bank is the platform for long term growth that will strengthen our partnership model, expand our reach, and open new pathways for growth.
We are building a new world of financial opportunity, and we are just getting started.
Built on the foundation of US banking law and supported by Puerto Rico’s strong regulatory infrastructure, an International Financial Entity (“IFE”) draw on Puerto Rico’s strategic position as a U.S. territory.
IFEs have operated in Puerto Rico for more than a decade and support a well-developed financial ecosystem that includes U.S. and international institutions. Many IFEs deliver banking-as-a-service infrastructure, servicing capabilities, and compliance tooling.
Purpose-built for modern fintech innovation, the IFE regime pairs robust U.S. regulatory oversight with the flexibility needed for technology-driven financial services. The IFE positions Propel Bank to deliver secure and scalable servicing capabilities as the company expands its financial ecosystem.
Propel has spent several years building Propel Bank’s infrastructure prior to approval. The approval comes following the Office of the Financial Institutions of Puerto Rico (“OCFI”), comprehensive evaluation of Propel’s governance, compliance, and operational readiness, reflecting strong confidence in the company’s ability to launch and manage a fully regulated financial institution.
Moving forward Propel Bank will be overseen by the OCFI and must comply with major federal financial regulations, including:
Bank Secrecy Act (BSA)
USA PATRIOT Act
OFAC requirements
Rigorous AML/KYC standards
Propel Bank offers a regulated, consistent framework for servicing programs across geographies, both in the US and globally. For new partners, it improves Propel’s offering by demonstrating long-term regulatory commitment and operational sophistication, while maintaining the innovation and technology that define Propel. Over time, Propel Bank also has the potential to offer additional product and services to its partners.
Propel Bank will offer a comprehensive suite of services designed to help bank partners operate more efficiently, reach more consumers, and scale with confidence. Further products and services require additional regulatory approval.
Propel Bank will offer its partners: