Propel Holdings Inc
TSX:PRL
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Propel Holdings Inc
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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.
Growth: Propel reported record 2025 originations funded of $774 million (up 32% YoY), record revenue of $590 million (up 31% YoY) and record ending CLAB of $590 million (up 23% YoY).
Credit: Q4 provisioning was elevated (provision for loan losses and other liabilities 56% of revenue; net charge-offs 14% of average CLAB) driven by Q3 vintages and a slow early-Q4 tied to the U.S. government shutdown; management says credit strengthened late in Q4 and has continued improving into 2026.
Timing impact: Large December originations (~$30 million CLAB growth in December) required upfront provisioning under IFRS while the associated revenue will be recognized over future periods, pressuring Q4 profitability.
Investments: Acquisition and data expenses rose 48% to $23.2 million in Q4; Propel increased marketing and underwriting spend to support growth, launched Propel Bank (operational) and signed a $60 million forward-flow commitment from Mesirow for the Freshline/Column partnership.
Guidance: 2026 targets: ending CLAB growth 18–24%; revenue $725–$775 million; adjusted EBITDA $152.5–$177.5 million; net income $70–$90 million; adjusted net income $80–$100 million; ROE 24%+ and adjusted ROE 28%+.
Capital return: Dividend increased to $0.21 then to $0.225 per share (current quarter); company says dividend will continue growing and buybacks remain opportunistic.
Lending-as-a-Service: Program is scaling quickly (Q4 revenue $5.8 million, +97% YoY; FY 2025 ~$18 million, +191% YoY) and management expects triple-digit growth in 2026 with the program potentially approaching ~10% of revenue by late 2026.
