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.
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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”).
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“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.
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