Propel Holdings brings online lending to Canada

Boost assetsa FinTech that provides users with access to credit in the United States, entered the Canadian market with an online credit offering for underserved Canadian consumers.

Fora Credit is now available in Alberta and Ontario and will be rolling out to other provinces over the coming months, Propel said Monday (November 21) in a statement. Press release.

“Consumers across the United States have trusted Propel and its operating brands for more than a decade to provide flexible credit solutions, and we are excited to bring our offering to Canadians,” said the Propel CEO. Clive Kinros said in the press release. “We expect Fora to become a leading solution for the 25% of Canadians who cannot access credit through traditional financial institutions. »

With Propel’s existing technology infrastructure and artificial intelligence (AI) capabilities, Fora includes a digital application that allows consumers to apply for personal lines of credit and aims to serve those who have been unable to access credit through the through traditional financial institutions, according to the press release.

Propel’s algorithms and artificial intelligence technology allow it to make quick credit decisions, while its self-service portal makes it easy for customers to manage their line of credit, the statement said.

The company has also obtained a revolving credit facility shared between a senior lender CCB Maximum Financial and junior lender Stronghold Management to support the growth of the new Canadian portfolio.

“We are delighted 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,” said Kinross in the release.

This news comes about two months after the payment network To affirm said he was throwing his buy now, pay later to Amazon customers in Canada to enable them to responsibly increase their purchasing power.

How consumers pay online with stored credentials
Convenience drives some consumers to store their payment credentials with merchants, while security concerns give other customers pause. For “How We Pay Digitally: Stored Credentials Edition,” a collaboration with Amazon Web Services, PYMNTS surveyed 2,102 US consumers to analyze the consumer dilemma and reveal how merchants can overcome holdouts.

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