Propel Holdingsa FinTech that offers users access to credit in the United States, has 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 rolled out into additional provinces in the coming months, Propel said Monday (Nov. 21) in a press release.
“Consumers across the United States have trusted Propel and its operating brands for more than a decade to deliver flexible credit solutions, and we are delighted to bring our offering home to Canadians,” Propel CEO Clive Kinross said in the release. “We fully expect that Fora will become a leading solution for the 25% of Canadians who are unable to access credit through traditional financial institutions.”
With Propel’s existing technology infrastructure and capabilities in artificial intelligence (AI), Fora includes a digital application that enables consumers to apply for personal lines of credit and aims to serve those who have not been able to access credit through traditional financial institutions, according to the press release.
Propel’s AI algorithms and technology allows it to deliver quick credit decisions, while its self-service portal makes it easy for customers to manage their line of credit, the release said.
The company has also secured a revolving credit facility shared between senior lenders CWB Maxium Financial and junior flyer Bastion Management to support the growth of the new Canadian portfolio.
“We are pleased to partner with CWB and Bastion on a credit facility for our Canadian business and are looking forward to advancing on our strategic plan through this opportunity for geographic expansion and serving lower-risk markets,” Kinross said in the release.
This news comes about two months after payment network Affirm said it was launching its buy now, pay later option to Amazon customers in Canada in order to enable them to responsibly increase their purchasing power.