Raptor Group backed Propel Holdings files for $60M IPO

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By CPE News

CPE News (9/29/2021) – Propel Holdings Inc. has filed a preliminary prospectus for a proposed initial public offering (IPO) of its common shares, with terms of the offering to be determined.

In the filing, Propel Holdings proposes to issue common shares to be priced between $9.25 and $9.75 for gross proceeds of $60 million or $69 million if the over-allotment option is exercised in full.

Upon completion of the offering and assuming no exercise of the over-allotment option, each of MPI Capital Inc. (a company controlled by Michael Stein) and Kinross Family Holdings Inc. (Clive Kinross) will directly or indirectly, 6,400,000 and 6,400,000 shares, respectively, representing a 19.1% and 19.1% interest.

Founded by Clive Kinross, Noah Buchman, Sheldon Saidakovsky, and Jonathan Goler, Toronto based Propel Holdings is an online financial technology company. Through its operating brands, MoneyKey and CreditFresh, Propel offers a variety of credit products and services to a vast US consumer market whose credit needs remain unmet by traditional banks.

As at June 30, 2021, Propel Holdings has facilitated over 758,000 personal, unsecured loans and lines of credit through its platform, with approximately US $515 million being advanced to approximately 492,000 unique customers.

In June 2021, Propel Holdings completed as US $15 million Series B financing led by Raptor Group, its first equity raise since an initial financing in 2011.

photo credit: Propel Holdings

News Release


TORONTO, ON, September 29, 2021 — Propel Holdings Inc. (“Propel”) announced today that it has filed a preliminary prospectus with the securities regulatory authorities in each of the provinces and territories of Canada for a proposed initial public offering of its common shares (the “Offering”). The number and price of the common shares to be sold have not yet been determined.

Canaccord Genuity and Scotiabank are acting as active joint bookrunners for the Offering.

The preliminary prospectus contains important information relating to the Offering and is still subject to completion or amendment. A copy of the preliminary prospectus is available on SEDAR at www.sedar.com. There will not be any sale or any acceptance of an offer to buy the common shares until a receipt for the final prospectus has been issued.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The common shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws. Accordingly, the common shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of Propel in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Propel

Propel is an innovative, online financial technology (“fintech”) company, committed to credit inclusion by providing fair, fast and transparent access to credit with exceptional service using its proprietary online lending platform. Through its operating brands, MoneyKey and CreditFresh, Propel is focused on providing access to credit to the over 60 million underserved U.S. consumers who struggle to access credit from mainstream credit providers. Propel’s revenue growth and profitability have accelerated significantly over the past two years as Propel has been able to facilitate access to credit for an increasing number of consumers, helping them move forward in their credit journeys.

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