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Propel Holdings Inc
Propel Holdings, Inc. operates as an online financial technology company, which provides lending related services to borrowers, banks, and other institutions. The company is headquartered in Toronto, Ontario. The company went IPO on 2021-10-19. The firm is focused on providing access to credit to the United States consumers who struggle to access credit from mainstream credit providers. The company provides online financial solutions to underserved consumers. The firm operates under the brands MoneyKey and CreditFresh. Through an online platform Propel brands offer customer service experience, automated customer acquisition strategies, underwriting models, and an industry loan management system. The company offers a range of products such as Unsecured Fully Amortizing Installment Loans and Unsecured Open-Ended Lines of Credit.
Propel Holdings, Inc. operates as an online financial technology company, which provides lending related services to borrowers, banks, and other institutions. The company is headquartered in Toronto, Ontario. The company went IPO on 2021-10-19. The firm is focused on providing access to credit to the United States consumers who struggle to access credit from mainstream credit providers. The company provides online financial solutions to underserved consumers. The firm operates under the brands MoneyKey and CreditFresh. Through an online platform Propel brands offer customer service experience, automated customer acquisition strategies, underwriting models, and an industry loan management system. The company offers a range of products such as Unsecured Fully Amortizing Installment Loans and Unsecured Open-Ended Lines of Credit.
Record Quarter: Propel delivered record Q3 revenue of $152.1 million (up 30% YoY), record originations funded of $205 million (up 37% YoY), and net income up 43% YoY to $15 million.
Conservative Underwriting: The company tightened underwriting in response to macro pressures and a modest uptick in delinquencies, especially in the U.S., prioritizing credit quality over growth.
Guidance Revision: 2025 guidance for NCAB growth was revised moderately below the low end of the prior range, with similar trends expected in adjusted margin and adjusted ROE, but revenue, net income margin, and ROE targets remain on track.
International Growth: U.K. operations delivered record originations and are expected to see over 50% top-line growth in 2025, with potential for 100% growth in 2026. Canadian revenue grew 41% YoY but remains a small share.
Lending as a Service: Lending as a Service revenue exceeded $5 million in Q3, up more than 4x YoY, with additional state launches and strong partner commitments.
Dividend Increase: Board approved an 8% dividend increase to $0.84 per share (CAD), marking the ninth consecutive increase.
AI Investments: Propel continues to invest in AI, driving efficiency in underwriting, customer service, and software development, already seeing operational gains despite near-term impact on margins.
