Propel expands its presence in North America with the launch of Fora Credit™, a convenient online credit solution for underserved Canadians

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TORONTO–(BUSINESS WIRE)–Propel Holdings Inc. (“Propel”) (TSX: PRL), an innovative fintech company dedicated to credit inclusion, today announced that it is entering the Canadian market with its new brand, Fora Credit.MT (“For a”) – a convenient online credit solution for underserved Canadian consumers.

Nearly 25% of Canadians are unserved or underserved in the credit market1, in many cases, due to a lack of access to credit through traditional financial institutions. In line with Propel’s credit inclusion mission, Fora was created to provide Canadians with access to a fair, transparent and flexible credit solution.

Rooted in Propel’s existing flexible and scalable technology infrastructure and artificial intelligence capabilities (“AI”), Fora enables consumers to apply online for personal lines of credit of up to CA$10,000 through a seamless digital application experience backed by extraordinary customer service. Fora is currently available in Alberta and Ontario, and Propel plans to roll out Fora to other provinces across the country in the coming months.

Fora’s main features include:

  • A flexible line of credit product that allows customers to draw on their available credit as needed;

  • Simple online application that can be completed in minutes at www.foracredit.ca from any desktop, tablet or mobile device;

  • Fast credit decisions using Propel’s proprietary AI algorithms and technology;

  • Seamless online customer experience, including an easy-to-use self-service portal that customers can access 24/7 to manage their line of credit; and

  • No set-up fees, no annual fees, no late fees and no prepayment penalties.

To support the growth of this new Canadian portfolio, Propel announced that it had secured a revolving credit facility with an aggregate initial capacity of approximately C$26 million shared between lead lender CWB Maxium Financial Inc., which part of the Canadian Western Bank Financial Group (“CCB”), and junior lender Bastion Management and its affiliates (“Bastion”), an existing Propel lender.

“Consumers across the United States have trusted Propel and its operating brands for over a decade to provide flexible credit solutions and we are excited to bring our offering to Canadians. We expect Fora to become a leading solution for the 25% of Canadians who do not have access to credit through traditional financial institutions,” said Clive Kinross, CEO of Propel. “We are pleased to partner with CWB and Bastion on a credit facility for our Canadian business and look forward to advancing our strategic plan through this opportunity to expand geographically and serve lower risk markets. Our ability to execute new programs and work with highly qualified, sophisticated and reputable partners is the cornerstone of our success as a leading fintech company. I couldn’t be prouder of the Propel team who worked with incredible energy and enthusiasm to launch Fora ahead of schedule. We are excited to bring our proven online lending expertise and exceptional service teams to our home market after many years of successfully operating programs for US consumers. We look forward to providing further updates as the program develops.

About Propel

Propel (TSX: PRL) is an innovative financial technology (“fintech”) company, committed to credit inclusion by facilitating fair, fast and transparent access to credit through its proprietary, state-of-the-art online lending platform Of the industry. Understanding the challenge faced by millions of people without adequate access to credit, Propel, through its operating brands, is dedicated to bringing appropriate credit solutions to consumers in Canada and the United States. For more than a decade, Propel has leveraged its consumer lending expertise, strong artificial intelligence and underwriting capabilities, and unwavering dedication to superior customer experience to facilitate approximately one million loans and lines of credit to consumers in need. For more information, please visit propelholdings.com.

Forward-looking information

Certain statements made in this press release may constitute forward-looking information under applicable securities laws. These statements may relate to the planned rollout of Fora in other provinces in the coming months, the technology and features of the Fora products and platform, our ability to be a Canadian market leader with underserved consumers and our ability to execute new programs. and execute our strategy. Depending on the context, this may include certain objectives as disclosed in our initial public offering prospectus, which are based on the factors and assumptions, and subject to the risks, as set forth therein and in the present. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”. ”, “should”, “should”, “outlook”, “plan”, “anticipate”, “anticipate”, “continue” or the negative form of these terms or their variations or similar terminology.

Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limit, the factors discussed in the “Risk Factors” section of the Company’s Annual Information Form dated March 21, 2022 for the fiscal year ended December 31, 2021 (the “FIA”). A copy of the Company’s Annual Information Form and other publicly filed documents may be viewed under the Company’s profile on the System for Electronic Document Retrieval and Analysis (“SEDAR”) at www.sedar.com .

The Company cautions that the list of risk factors and uncertainties described in the Annual Information Form is not exhaustive and that other factors could also adversely affect its results. Readers are urged to carefully consider the risks, uncertainties and assumptions when evaluating forward-looking information and are cautioned not to place undue reliance on such information. The forward-looking information contained in this press release represents our expectations as of the date of this press release (or as otherwise indicated) and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. .

1 https://newsroom.transunion.ca/more-than-9-million-canadians-are-either-credit-unserved-or-underserved—approximately-14-migrate-to-being-credit-active-every- two years/

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