Canadian fintech Propel has secured regulatory approval from Puerto Rico’s Office of the Commissioner of Financial Institutions to establish Propel International Bank. The wholly owned subsidiary is now licensed as an International Financial Entity and will focus on underwriting, compliance, and customer service for Propel’s current and future banking partners.
CEO Clive Kinross said the new bank strengthens Propel’s platform and creates opportunities for market expansion, diversification, and long-term growth. Headquartered in Puerto Rico, Propel Bank is expected to launch in the first half of 2026. Propel’s brands include Fora Credit, CreditFresh, MoneyKey, and QuidMarket.
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