Propel Holdings, known as a trailblazer in the FinTech sector, recently announced a significant expansion to its syndicated credit facility.
The facility, specifically designed for the CreditFresh line of business, has been upsized by $80m, bringing the total commitment to an impressive $330m.
The expansion was supported by existing partners Bastion Management and Hudson Cove Capital Management, LLC, along with affiliates of both, and welcomed new banks into the syndicate. This move underscores the robust growth and potential of Propel’s financial offerings.
Propel Holdings is redefining financial access for underserved consumers in the US through its innovative platform. The company operates notable brands like Fora Credit, CreditFresh, and MoneyKey, as well as a Lending-as-a-Service product line. Propel’s AI-driven technology allows for a more nuanced evaluation of customers beyond traditional credit scoring methods, facilitating broader and more effective credit distribution.
The additional funds from the upsized credit facility are earmarked to bolster the ongoing growth of the CreditFresh portfolio. This strategic funding is expected to further Propel’s mission to build financial opportunities for its customers and deliver sustained, profitable growth.
Clive Kinross, CEO of Propel, shared his enthusiasm about the company’s prospects. “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.”
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