- Propel (PRL) is announcing a $250 million syndicated credit facility for its CreditFresh business line
- The new facility replaces and upsizes the previous CreditFresh facility by $90 million
- The company remains focused on profitable growth, new bank partnerships, and expanding credit availability to underserved consumers
- Propel is a financial technology company powering fair, fast and transparent access to credit through its proprietary online lending platform
- Propel Holdings (PRL) opened unchanged, trading at $7.30 per share
Propel (PRL) is announcing a $250 million syndicated credit facility for its CreditFresh business line.
The new facility replaces and upsizes the previous CreditFresh facility by $90 million.
CreditFresh offers banks fully integrated solutions to expand their product offerings and provide consumers with access to credit and related services.
The CreditFresh portfolio’s significant growth has been driven primarily by the expansion of Propel’s bank partnership programs. The capital infusion will support this ongoing growth trajectory through new business opportunities.
Participation in the facility includes Bastion Management and affiliates, as well as Hudson Cove Capital Management and affiliates.
“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,” stated Clive Kinross, Propel’s CEO.
“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,” he added.
Propel is a financial technology company powering fair, fast and transparent access to credit through its proprietary online lending platform.
Propel Holdings (PRL) opened unchanged, trading at $7.30 per share.