Toronto financial technology firm Propel Holdings this week reported its latest quarterly earnings.
Revenue increased by more than 30% to nearly US$130 million in the fourth quarter of 2024, Propel reported. Revenue for the year was $450M, up 42%.
“We delivered another quarter and year of significant growth on both the top and bottom line and another quarter and year of record results,” stated Clive Kinross, chief executive officer of Propel.
Income rose 37% to over $11M in Q4 and climbed 67% year-over-year to $46M. These figures reflect the company’s customer growth.
“In 2024, we served a record number of new and returning customers, leading to record Total Originations Funded of $586 million, an increase of 42% over the previous year,” Kinross noted. “We achieved this record growth while delivering the strongest credit performance in a Q4 period since Q4 2020, a result of our AI-powered technology platform.”
Moving forward, Propel in 2025 intends to scale its business throughout North America while supporting QuidMarket’s growth in the UK market.
“As we look ahead, we are focused on the continued growth and expansion of our business in the US and Canada, the integration and growth of our recently acquired UK business QuidMarket, and expanding and optimizing our products and building new partnerships to serve more consumers across the credit spectrum,” said Kinross.
Last year, Propel acquired Nottingham’s QuidMarket 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, in November.
Kinross, EY Entrepreneur Of The Year 2024 Ontario, agrees.
“We have the technology, people, infrastructure and expertise to deliver on our growth strategy and to realize our vision of becoming a global leader,” Kinross stated. “With more than 90 million underserved consumers across the US, the UK and Canada, tremendous market growth opportunities remain ahead of us. We are just getting started.”
Founded in 2011, 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.
Shares in the company are up more than 30% over the past year.
Leave a Reply