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