Propel announced this week that it has received regulatory approval from the Office of the Commissioner of Financial Institutions of Puerto Rico to establish the Propel International Bank.
The Canadian financial technology firm says that Propel Bank, a wholly owned subsidiary, is now licensed as an International Financial Entity overseen by the OCFI.
At launch, Propel Bank will focus on serving existing and future bank partners by providing core consumer lending services including underwriting, compliance, and customer service, according to chief executive officer Clive Kinross.
“Propel Bank marks the next step in our journey to become global leaders by strengthening our partnership platform, expanding our reach, and opening new pathways for growth,” Kinross commented.
The “approval validates the strength of our team, our technology, and the business we’ve built,” remarked the CEO.
Kinross suggests that Propel Bank, which is set to be headquartered in Puerto Rico, will provide long-term strategic benefits including opportunities for product and service diversification as well as the ability to expand into new markets.
Moving forward, the move “positions us to create greater opportunity for partners, shareholders, and underserved consumers,” he said.
The bank is expected to launch within the first half of 2026.
Propel’s other operating brands including Fora Credit, CreditFresh, MoneyKey and QuidMarket. The company’s AI-powered Lending-as-a-Service product lineup facilitates access to credit for consumers that the fintech deems “underserved by traditional financial institutions.”
Founded in 2011, Propel was this year named one of Canada’s fastest-growing fintech firms. Noah Buchman, a cofounder serving as Chief Revenue Officer, recently explained why.
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