Propel Holdings, the Canadian fintech company, has entered into a definitive agreement to acquire Stagemount, trading as QuidMarket, the Nottingham-based digital only consumer lender specialising in providing short-term installment loans.
The existing management team at QuidMarket will continue to operate the business on a go-forward basis.
The $71m deal is an important step in Propel’s global expansion strategy. Since its initial public offering in October 2021, Propel has continued to broaden its product and geographic offerings with the introduction of Fora Credit in Canada, Lending-as-a-Service partnerships in the US, and, most recently, an embedded lending partnership with KOHO in Canada.
QuidMarket has served UK consumers since 2011. A fully online, lending solution, QuidMarket is built on scalable and flexible technology that has originated over 310,000 loans in the UK since beginning operations in 2011.
Supported by Propel’s AI technology, financial and operational expertise, and capital resources, QuidMarket is expected to accelerate its growth.
“The acquisition of QuidMarket will accelerate Propel’s growth and is a critical step in our journey to becoming a global leader,” said Clive Kinross, Chief Executive Officer, Propel.
“When we went public three years ago, we set a goal to grow globally. As disciplined operators with a track record of profitable growth, this acquisition had to meet our strict acquisition criteria including a favourable operating jurisdiction, a strong cultural fit and to be financially accretive to our shareholders.
“QuidMarket serves a market of more than 20 million underserved consumers in the UK where the demand for credit far exceeds supply. Backed by Propel’s AI-powered technology, financial and operational expertise, and capital resources, we believe QuidMarket will be able to accelerate its growth while broadening access to credit for more underserved consumers.
“The QuidMarket team has demonstrated deep experience and a customer focus that sets them apart. United by a shared purpose, together we will build a new world of financial opportunity for consumers globally.”
The acquisition is expected to close in either Q4 2024 or in early Q1 2025.
