Published on 20 October 2021


TORONTO, ON, October 20, 2021 – Propel Holdings Inc. (“Propel” or the “Company”), an online financial technology company committed to facilitating access to credit through its proprietary online lending platform, announced today the closing of its initial public offering (the “Offering”) of 6,250,000 common shares of the Company (“Common Shares”) at a price of C$9.75 per share.

The Common Shares began trading on the Toronto Stock Exchange (“TSX”) on October 20, 2021 under the symbol “PRL”.

“The completion of this Offering marks a major milestone in Propel’s journey to become a leading, global fintech platform, and is the result of the commitment and passion of our incredible team,” said Clive Kinross, Co-Founder and Chief Executive Officer of Propel, “With this listing, we are entering our next chapter in a strong position for continued growth and remain as dedicated as ever to our consumers and in our belief that every individual deserves access to credit.”

The Offering is being made through a syndicate of underwriters led by Canaccord Genuity and Scotiabank, as joint bookrunners, and Raymond James, TD Securities, INFOR Financial, Roth Canada and Stifel Nicolaus Canada (collectively, the “Underwriters”).

The Offering was completed pursuant to the Company’s final prospectus dated October 13, 2021 (the “Prospectus”) and filed with the securities regulators in each of the provinces and territories of Canada. A copy of the Prospectus is available on SEDAR at

The Company has also granted to the Underwriters an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 937,500 Common Shares at a price of C$9.75 per Common Share for additional gross proceeds of up to C$9,140,625 (if the Over-Allotment Option is exercised in full). The Over- Allotment Option can be exercised by the Underwriters in whole or in part for a period of 30 days from the closing date of the Offering.

No securities regulatory authority has either approved or disapproved the contents of this press release. The securities under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States, except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or solicitation of an offer to buy any of these securities in any jurisdiction in which the offering or sale is not permitted.

About Propel

Propel is an innovative, online financial technology (“fintech”) company, committed to credit inclusion by providing fair, fast and transparent access to credit with exceptional service using its proprietary online lending platform. Through its operating brands, MoneyKey and CreditFresh, Propel is focused on providing access to credit to the over 60 million underserved U.S. consumers who struggle to access credit from mainstream credit providers. Propel’s revenue growth and profitability have accelerated significantly over the past two years as Propel has been able to facilitate access to credit for an increasing number of consumers, helping them move forward in their credit journeys.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events, including statements with regard to expected use of the net proceeds for the Offering, the potential exercise by the Underwriters of the Over-Allotment Option and the commencement of trading of the Common Shares on the Toronto Stock Exchange. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Prospectus filed on SEDAR. Actual results could differ materially from those projected herein. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this news release is provided as of the date of this news release and Propel does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

For further information, please contact:

Sarika Ahluwalia
Vice President, Compliance & Chief Compliance Officer
(647) 776-5468