Propel Holdings brings online lending to Canada
Propel Holdingsa FinTech that offers users access to credit in the US has entered the Canadian market with an online credit offering for underserved Canadian consumers.
Fora Credit is now available in Alberta and Ontario and will be rolled out in more provinces in the coming months, Propel said Monday (Nov. 21) in a press release.
“Consumers across the United States have trusted Propel and its operating brands for more than a decade to deliver flexible credit solutions, and we are excited to bring our offering home to Canadians,” Propel CEO Clive Kinross said in the release. “We fully expect Fora to become a leading solution for the 25% of Canadians who do not have access to credit through traditional financial institutions.”
With Propel’s existing technology infrastructure and artificial intelligence (AI) capabilities, Fora includes a digital application that enables consumers to apply for personal lines of credit and aims to serve those who have not been able to access credit through traditional financial institutions, according to a press release.
Propel’s AI algorithms and technology allow it to deliver fast credit decisions, while the self-service portal makes it easy for customers to manage their credit limit, the release said.
The company has also secured a revolving credit facility shared between senior lenders CWB Maxium Financial and junior lender Bastion Management to support the growth of the new Canadian portfolio.
“We are pleased to partner with CWB and Bastion on a credit facility for our Canadian operations and look forward to advancing our strategic plan through this opportunity for geographic expansion and serving lower risk markets,” Kinross said in the release.
This news comes about two months after payments network Affirm said it was launching its buy now, pay later opportunity to Amazon customers in Canada to enable them to responsibly increase their purchasing power.
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