BOSTON, Nov. 18, 2024 /PRNewswire/ -- Pathlight Capital LP ("Pathlight" or "Pathlight Capital") announced it has joined a $330,000,000 syndicated credit facility for Propel Holdings Inc ("Propel") in support of its CreditFresh line of business (the "credit facility"). Propel (TSX: PRL) is a fintech company facilitating access to credit for underserved consumers. Proceeds from the facilities will be used to support continued growth in CreditFresh's loan portfolio. The credit facility continues to be led by Bastion Management and affiliates thereof ("Bastion") and Hudson Cove Capital Management, LLC and affiliates thereof.
"We are pleased to expand our lender group with the addition of Pathlight," said Clive Kinross, Propel's Chief Executive Officer. "Their knowledge of financial services and substantial capital base is well-aligned with our growth strategy. Their understanding of the consumers we serve is a key differentiator and something that gives us a high level of comfort as we enter into this new partnership."
Tyler Harrington, Managing Director at Pathlight said, "We believe the team at Propel has established a differentiated AI-powered technology platform which has resulted in a strong performance history for their consumer loan portfolio. We are pleased to partner with them as they enter their next phase of growth."
"We've known the team at Bastion for multiple years and are excited about partnering with them on this transaction," added Christopher Arnold, Managing Director at Pathlight.
About Pathlight Capital
Pathlight Capital is a private credit investment manager dedicated to meeting the needs of companies that operate across a broad range of industries by providing asset-based loans secured on a first or second lien basis against tangible and intangible assets. Pathlight aims to provide creative financing solutions to allow management teams to access incremental liquidity for the purposes of funding working capital, debt refinancings, growth, acquisitions, dividends and turnaround strategies. For more information, please visit www.pathlightcapital.com.
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. Learn more at www.propelholdings.com.
The information presented in this release is the opinion of Pathlight Capital LP and does not reflect the view of any other person or entity. The above is for information purposes and should not be construed as an investment recommendation.
This release may contain an endorsement from an individual who may be supporting or recommending the activities of Pathlight Capital LP. Such individual has not been compensated directly or indirectly by Pathlight Capital LP for the use of his statements. The statements represent endorsement by that individual only and may not represent the experience of all counterparties.
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SOURCE Pathlight Capital
