Review of Propel Holdings Inc.

MAR 26, 2024 - Propel Holdings (PRL) has evolved over the past several years from operating solely under the MoneyKey brand as a SaaS loan management system to offer online unsecured loans, to now developing its own proprietary underwriting capabilities and lending platform. PRL is an innovative fintech company operating through its main three brands, MoneyKey and CreditFresh in the US, and Fora in Canada. While PRL has not been a publicly traded company for many years, it has witnessed rapid growth in its product and services offerings across both Canada and the US, and it is clear that the company has a long runway ahead of it. Overall, this is becoming a high-quality name that has the potential for high future growth rates and margin expansion. We are initiating coverage at a ‘B+’.