Toronto-based Propel Holdings is committed to credit inclusion by providing fast and transparent access to credit using its proprietary online lending platform.
The Canadian fintech startup this week announced a partnership with Pathward, a financial empowerment company: Propel will be Pathward’s primary consumer lending-as-a-service fintech partner.
“Propel’s successful bid to become Pathward’s primary lending-as-a-service fintech partner is a testament to our incredible team, as well as our world-class proprietary technology, operational excellence and artificial intelligence capabilities,” stated Clive Kinross, Chief Executive Officer of Propel.
Powered by Propel’s platform, Pathward will provide credit solutions through this LaaS capability through its partners.
“We are excited to expand on our current product and service offerings and believe that this new LaaS business will leverage our existing capabilities and complement our robust core business lines, all while providing credit solutions to even more consumers,” added Kinross.
The five-year renewable agreement contemplates fee income for Propel by providing white labelled technology and service solutions for Pathward’s consumer lending capabilities, including customer acquisition services, loan management software, licensing of proprietary artificial intelligence-powered, risk and response scores, and credit servicing capabilities.
“Our relationship with the Propel team is based on shared values, which gives us confidence in this new partnership and the potential long-term benefit to our customers,” said Pathward President Anthony Sharett.
Propel expects the program to launch in early 2023.
One year ago, Propel raised capital through an initial public offering.