October 20, 2021
Propel Holdings Inc. has announced the closing of its initial public offering, raising $61 million. The Company’s shares began trading on the Toronto Stock Exchange on October 20, 2021 under the symbol PRL.
Founded in 2011, Propel uses a proprietary AI-powered online lending platform to help consumers access credit. Through its operating brands, MoneyKey and CreditFresh, Propel provides access to credit to consumers who struggle to access credit from mainstream credit providers.
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.
Propel has invested over $12 million into its proprietary platform, which is maintained by a 30-person team in Toronto, according to the prospectus. Over the past eight years, the company’s technology platform has been integrated with more than fifty third-party data platforms, including bank and marketing partners, underwriting data sources, and payment processors.
Propel is currently operating in 28 US states, but the Company has indicated that it is interested in expanding its geographic footprint. “We are regularly assessing potential acquisition opportunities that would assist in expanding our geographic footprint and/or add new products to our portfolio,” the company stated in its prospectus.
As reported by Newswire and BetaKit.
By: Brittni Tee