Propel

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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Propel Holdings (TSX: PRL) has extended $2 billion in credit to over one million consumers through platforms like CreditFresh, MoneyKey, and Fora Credit. The Toronto-based fintech leverages AI, bank partnerships, and its Lending-as-a-Service model to scale financial inclusion in Canada, the U.S., and the U.K.

Chief Revenue Officer Noah Buchman attributes Propel’s performance to strong leadership, values-aligned partnerships, and market demand. Notably, its KOHO partnership is thriving. Despite global uncertainties, Propel sees opportunity as traditional lenders pull back. Buchman says Propel’s focus remains clear: deliver fast, responsible access to credit in overlooked markets globally.

Want to know more? Check out the source code on Fintech.ca.