Propell delivers record month in Customers and Lending
Leading SME-focused finance platform, Propell Holdings Limited have provided a summary of its activities for the month ended 31 May 2022.
Propell has continued to grow Platform customers at a consistently high rate, surpassing 2,000 customers on the Platform in the month of May, up 428% on the previous corresponding period (May 2021), and on track to deliver its sixth consecutive quarter of greater than 30% QoQ growth.
The Company saw a record month for Lending with $1.2m+ in new originations, up 34% on April and 17% greater than the previously largest month (March 2022). The business is on track for a record quarter in Q4 FY22.
This growth was supported by the launch of a new Line of Credit product, and improvements seen in Platform customer financials and sentiment.
Apart from rising borrower numbers, lending volumes were also driven by a 20% increase in average loan size, a key indicator of customer quality. This represents a critical measure in scaling the business.
New Lending Product
Following the ongoing success of Propell’s Line of Credit products (6 month and 12 month) and consistent feedback from our customers, Propell has developed a new lending product on the Platform, called Business Loans, that provide a fixed dollar amount, over a fixed term that can be used for specific business purposes like buying assets or equipment.
With the addition of Business Loans as a new product our customers now have more choice and access to capital to operate and grow in the way they want. Customers now have increased flexibility with existing Line of Credit facilities, or fixed term loans at competitive rates with our new Business Loan product.
Initially the Business Loan product will be launched as an unsecured product however over time we will add a secured Business Loan product.
The new Business Loan leverages Propell’s existing leading credit decisioning engine and broader loan management system, key components of its proprietary financial services Platform
Join a Briefing
Join CEO and MD of Propell Holdings Michael Davidson for a live and interactive investor briefing on Monday 6 June at 1pm (AEST) where he will discuss the company’s progress and this announcement in more detail.
Click here to register for a session: https://propell.investorportal.com.au/investor-briefing/
Participate in Entitlement Offer
Propell has a current Entitlement Offer open to existing shareholders to raise up to 2.22 million via a 1:2.5 non renounceable at $0.058 per share. The closing date for the Offer is Monday, 20 June 2022.
Funds raised will be used to support an increase in the company’s lending facility, drive ongoing organic growth through working capital and cover the costs of the Offer.
Shareholders can request an electronic copy of their personalised Entitlement Offer form at: https://propell.investorportal.com.au/register-rights-issue/
