KOHO And Propel Announce Exclusive Partnership To Expand Lending Access In Canada

TORONTO--(BUSINESS WIRE)--#TSXPRL--KOHO announces today their new partnership with Propel Holdings Inc. (“Propel”) (TSX: PRL). Through its Canadian brand Fora Credit, Propel will act as KOHO’s exclusive embedded lending partner. The partnership will allow qualified KOHO users to access a line of credit through Propel’s AI-powered lending platform within the KOHO app.

"We’re proud to partner with Propel to further our mutual mission of empowering all Canadians to make financial progress. We’re excited to provide even more ways for Canadians to access credit seamlessly within KOHO when they need it most, with transparent fee structures that ensure their financial goals are met," said Jack Chung, Chief Product Officer, KOHO.

United by a common mission of expanding financial access, this partnership between two of Canada’s leading fintechs will bring more credit options to consumers overlooked by traditional financial institutions. KOHO’s users will be able to access a line of credit provided by Fora as part of KOHO’s core lending products, making it a seamless experience from end to end. KOHO will introduce and manage the line of credit through their highest-rated App and product experience, while Propel will power the technology, underwriting, servicing and funding of the loans.

“It was clear from our first meeting that together, KOHO and Propel could build a transformational partnership that could positively change the financial landscape for underserved Canadians. With thirteen years of online lending experience, Propel has proprietary technology, deep expertise, and top talent that enables KOHO to launch a best-in-class embedded lending product that can be leveraged by KOHO for their users. Together, with KOHO, we are building financial opportunity for millions of Canadians,” said Noah Buchman, President and Chief Revenue Officer, Propel.

Expected to launch in Q4 2024, the partnership will accelerate growth for both companies while helping more and more Canadians. KOHO will further expand its product offering within consumer lending, while also expediting Propel’s Fora Credit brand growth in the Canadian market. Learn more about KOHO and its innovative products at koho.ca, and sign up for the KOHO line of credit waitlist to get exclusive access.

About KOHO

KOHO is a fintech company equipped with a Mastercard for spending and tools for KOHO users to earn and borrow money, build credit, and budget. The company was founded in 2014 with a powerful mission, born from a genuine desire to help people and an ambition to financially empower a generation of Canadians. In the decade since it was launched, KOHO has built a product people love, and has touched the lives of more than one million users.

About Propel

Propel Holdings (TSX: PRL) is the fintech company building a new world of financial opportunity for consumers, partners, and investors. Propel’s operating brands — Fora Credit, CreditFresh and MoneyKey — and our Lending-as-a-Service product line facilitate access to credit for consumers underserved by traditional financial institutions. Through its groundbreaking AI-driven platform, Propel evaluates customers in a more comprehensive way than traditional credit scores can. The result is better products and an expanded credit market for consumers while creating sustainable, profitable growth for Propel. Our revolutionary fintech platform has already helped consumers access over one million loans and lines of credit and over one billion dollars in credit. At Propel, we are here to change the way customers, partners and investors succeed together.

Contacts

Alison Fleming
Director, Brand
alison.fleming@koho.ca

First published on Fri, Sep 20, 2024

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