- Propel Holdings Inc. (TSX:PRL) announced a new partnership with fintech company KOHO to enhance lending for Canadian customers
- Through its Canadian brand Fora Credit, Propel will act as KOHO’s exclusive embedded lending partner
- This collaboration seeks to offer more credit options to consumers who are often neglected by traditional financial institutions
- Propel Holdings Inc. last traded at C$30.15 per share
Propel Holdings Inc. (TSX:PRL) announced a new partnership with fintech company KOHO to enhance lending for Canadian customers.
Through its Canadian brand Fora Credit, Propel will act as KOHO’s exclusive embedded lending partner. The partnership will allow qualified KOHO users to access a line of credit through Propel’s AI-powered lending platform within the KOHO app.
This collaboration seeks to offer more credit options to consumers who are often neglected by traditional financial institutions. KOHO users will have access to a line of credit provided by Fora, integrated into KOHO’s core lending products for a more seamless end-to-end experience. KOHO will introduce and manage the line of credit through its top-rated app and product experience, while Propel will handle the technology, underwriting, servicing and funding of the loans.
“With 13 years of online lending experience, Propel has proprietary technology, deep expertise, and top talent that enables KOHO to launch a best-in-class embedded lending product that can be leveraged by KOHO for their users,” Propel’s president and chief revenue officer, Noah Buchman said in a news release. “Together, with KOHO, we are building financial opportunity for millions of Canadians.”
This endeavor is expected to launch in Q4 2024.
Founded in 2014, KOHO’s platform is equipped with a Mastercard for spending and tools for KOHO users to earn and borrow money, build credit, and budget.
Propel is a financial technology company powering fair, fast and transparent access to credit through its proprietary online lending platform.
Propel Holdings Inc. (TSX:PRL) last traded at C$30.15 per share and its stock has risen 10.60 per cent over the past five days, up 132.46 per cent since the year began.
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(Top image of mobile phones with Propel apps: Propel Holdings Inc.)