Toronto-based fintech startup Propel Holdings has closed its initial public offering on the Toronto Stock Exchange, raising $61 million. The shares began trading on October 20th under the symbol PRL.
Propel is committed to credit inclusion by providing fair, fast and transparent access to credit with exceptional service using its proprietary online lending platform.
Through its operating brands, MoneyKey and CreditFresh, Propel is focused on providing access to credit to the over 60 million underserved U.S. consumers who struggle to access credit from mainstream credit providers.
“The completion of this Offering marks a major milestone in Propel’s journey to become a leading, global fintech platform, and is the result of the commitment and passion of our incredible team,” said Clive Kinross, Co-Founder and Chief Executive Officer of Propel.
“With this listing, we are entering our next chapter in a strong position for continued growth and remain as dedicated as ever to our consumers and in our belief that every individual deserves access to credit.”
Propel’s revenue growth and profitability have accelerated significantly over the past two years as Propel has been able to facilitate access to credit for an increasing number of consumers, helping them move forward in their credit journeys.
Besides strengthening Propel’s financial position, the startup plans to use the proceeds from the IPO to pursue its growth strategies, including scaling up its products, and expansion into four to eight states in the United States.