Propel Holdings is establishing a fintech footprint in the United Kingdom.
Founded in 2011, Toronto’s Propel offers a lending-as-a-service-platform and went public in 2021. Employing proprietary AI that analyzes thousands of data points per second, Propel matches users with tailored financial products and has so far facilitated over one million loans and more than one billion dollars in credit.
This month, Propel announced the successful completion of its acquisition of Nottingham’s QuidMarket, a digital lender specializing on consumer credit, for US$71 million in cash.
“We have ambitious plans for the UK, and QuidMarket is a critical first step,” stated Propel’s chief of finance Sheldon Saidakovsky, who is the executive charged with leading the QuidMarket integration.
“Initially we will focus on building financial and operational infrastructure that mirrors our own,” the CFO said. “Once complete, we will begin to accelerate QuidMarket growth at both the top and bottom line.”
Clive Kinross, chief executive officer of Propel, is enthusiastic about the two firms’ synergy.
“A leading UK fintech lender, QuidMarket is focused on the 20 million underserved consumers in the UK,” noted Kinross. “Backed by Propel’s AI-powered technology, financial and operational expertise, and capital resources, we believe QuidMarket will be able to accelerate its growth while broadening access to credit for more underserved consumers.”
Kinross recently earned 2024’s EY Entrepreneur Of The Year 2024 Ontario title.
“Clive has driven Propel to the forefront of the fintech industry with his forward-thinking approach and steadfast dedication to financial empowerment,” stated Stephanie Lamont, EY Entrepreneur Of The Year Ontario Program Co-Director. “His strategic use of AI technology is revolutionizing credit access, demonstrating a perfect blend of cutting-edge solutions and a profound understanding of consumer needs.”
As the Ontario region’s EY Entrepreneur Of The Year 2024, Kinross will next compete with winners from the Pacific, Prairies, Québec, and Atlantic regions for the national honour of Canada’s EY Entrepreneur Of The Year 2024, which will be presented at a celebration on November 26 in Toronto.
Quarterly revenue recently rose 41% for Propel to $117 million with the Canadian fintech turning a profit and announcing an 8% boost to its dividend. Shares in the company are up nearly 400% over the past year.
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