KOHO and Propel Team Up to Revolutionize Lending in Canada

KOHO Partners with Propel to Enhance Lending Access in Canada

In a groundbreaking move set to redefine the lending landscape in Canada, KOHO has announced an exclusive partnership with Propel Holdings Inc. (TSX: PRL). The collaboration will empower KOHO users by giving them access to a line of credit via Propel's advanced AI-powered lending platform directly within the KOHO app.

A Shared Vision for Financial Empowerment

KOHO, a prominent fintech company, is dedicated to equipping Canadians with the tools they need for financial success. Their partnership with Propel aligns perfectly with their mission to uplift the financial capabilities of users across the nation. Jack Chung, Chief Product Officer at KOHO, stated, "We’re proud to partner with Propel to further our mutual mission of empowering all Canadians to make financial progress." This strategic alliance is not just about offering credit; it's about creating a seamless experience where Canadians can access vital financial services effortlessly.

Breaking Barriers Through Technology

This alliance is rooted in a shared commitment to increasing access to credit for individuals often overlooked by conventional financial institutions. Propel, through its brand Fora Credit, will provide KOHO users with a comprehensive line of credit, elegantly integrated within KOHO’s user-friendly app. The technology that powers this partnership includes underwriting, servicing, and loan funding solutions expertly managed by Propel.

Enhancing User Experience

The advantage for KOHO's users is twofold. Not only will they benefit from a streamlined process of obtaining credit, but they will also experience transparency in terms of fees and conditions. By managing this line of credit, KOHO ensures that it remains complimentary to its existing offerings while enhancing its renowned services. This partnership underscores a commitment to innovation and user-centric design while helping KOHO to reach its overarching goal of financial inclusion.

Looking Ahead: Launch Plans and Expectations

Scheduled to launch in late 2024, this partnership is poised to catalyze growth for both KOHO and Propel. By joining forces, they can provide consumers with innovative lending options that align with modern financial needs. KOHO is expanding its consumer lending portfolio, while Propel aims to accelerate the growth of its Fora Credit brand in the Canadian market.

A Bright Future for Canadians

Noah Buchman, President and Chief Revenue Officer of Propel, expressed optimism about this collaboration stating, "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 Propel's extensive experience in online lending and proprietary technology, the partnership is set to offer best-in-class embedded lending products, making financial opportunities more accessible.

About KOHO and Propel

Founded in 2014, KOHO is a forward-thinking fintech that provides Mastercard-backed spending solutions combined with modern tools for budgeting, earning, and borrowing. With a strong vision, KOHO has touched the lives of over one million users, making banking more relatable and accessible. Propel Holdings, on the other hand, focuses on creating financial opportunities for consumers and partners through its array of brands, including Fora Credit and CreditFresh. Both companies symbolize the future of finance; one that places the consumer at the heart of its operations, using technology and innovation to foster growth and inclusivity.

Frequently Asked Questions

What is the main purpose of the KOHO and Propel partnership?

The partnership aims to provide KOHO users with easier access to credit through Propel's AI-powered lending platform within the KOHO app.

When is the launch date for the new lending service?

The partnership is expected to launch in the fourth quarter of 2024.

How will this partnership benefit Canadians?

It offers a seamless credit application process and provides access to financial services tailored for those overlooked by traditional lenders.

What companies are involved in this partnership?

KOHO and Propel Holdings Inc. (TSX: PRL) are the two fintech companies collaborating on this initiative.

What services does KOHO provide?

KOHO offers tools for spending, budgeting, earning, and borrowing, all aimed at empowering Canadians financially.

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