Propel launches insurance product to protect Canadian consumers in partnership with leading insurance innovators Walnut and TGI
TORONTO, April 9, 2024 /CNW/ - Propel Holdings Inc. ("Propel") (TSX: PRL), the fintech facilitating access to credit for underserved consumers, operating under the Fora Credit brand in the Canadian marketplace, today announced its launch of Fora's Payment Protection Plan.
Fora's Payment Protection Plan is a digital credit insurance product offered in partnership with Walnut Insurance and underwritten by Trans Global Insurance and Trans Global Life Insurance Company ("TGI"). The program is now available in eight provinces across Canada.
This is the first insurance product offered under one of Propel's operating brands and gives Fora customers access to a compelling value proposition to safeguard against unexpected financial curveballs. The insurance benefits may cover a customer's balance payments to Fora in the case of events such as job loss, loss of life or critical illness.
"Fora's Payment Protection Plan offers our customer peace of mind, which reflects our broader mission of advancing the financial opportunity of underserved consumers. For Propel it also represents a new revenue stream in Canada and is part of our overall growth strategy of offering our existing customers complementary products aligned with Propel's core purpose," Noah Buchman, President & Chief Revenue Officer of Propel.
"Walnut is proud to help provide Fora borrowers with a new integrated feature, helping facilitate Fora's promise of a fully digital lending experience," said Derek Szeto, co-founder and CEO of Walnut. "With its new embedded payment protection option, Fora borrowers can acquire useful protection for their loan, at the click of a button."
"The Trans Global Insurance Group is proud to bring its best-in-class loan protection products to Fora's clients," says Moe Assaf, Vice President of Financial Services of LFL Group. "Fora's commitment to protect its clients fits perfectly with TGI's commitment to provide customer-focused solutions. We are very excited about this program launch."
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
(www.foracredit.ca, www.creditfresh.com, www.moneykey.com)
Trans Global Insurance Group ("TGI") is composed of Trans Global Insurance Company, a property and casualty company and Trans Global Life Insurance Company, a life insurance company, both wholly owned subsidiaries of Leon's Furniture Limited ("LFL Group"). TGI has been operating across Canada for over 25 years, with an industry leading suite of simple, affordable, and effective financial protection and insurance products. TGI is the exclusive provider of credit insurance for some of Canada's leading consumer finance companies and retailers. For more information about Trans Global Insurance, visit their website at: https://transglobalinsurance.ca/.
Walnut is a Canadian and US insurtech that enables companies to unlock the insurance opportunity inside their brand in 30 days or less. Walnut is driven by the purpose that insurance buying should be digital first, simple, and convenient – creating greater accessibility across life, home, renters, auto, and embedded product lines. Walnut currently offers more than 20 types of insurance, provided from dozens of leading carriers today. To learn more, visit www.gowalnut.com.
SOURCE Propel Holdings Inc.
Lindsay Finneran-Gingras, Vice President, Communications, [email protected]; Devon Ghelani, Senior Director, Capital Markets and Investor Relations, [email protected]
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