Ms. Lindsay Finneran-Gingras reports

PROPEL ANNOUNCES CLOSING OF C$115 MILLION BOUGHT DEAL OFFERING OF SUBSCRIPTION RECEIPTS

Propel Holdings Inc. has closed its previously announced bought deal offering of 4,186,000 subscription receipts of the company (including 546,000 subscription receipts issued pursuant to the exercise in full by the syndicate of underwriters (defined as follows) of its overallotment option granted by the company), at a price of $27.50 per subscription receipt for gross aggregate proceeds of $115,115,000. The subscription receipts issued pursuant to the offering will trade on the Toronto Stock Exchange under the ticker symbol PRL.R.

The net proceeds from the offering will be used to finance the purchase price of the previously announced acquisition of Stagemount Ltd. (doing business as QuidMarket), a leading digital United Kingdom based fintech (financial technology) lender specializing in credit for underserved consumers. The balance of net proceeds will be used for working capital and general corporate purposes. The underwriting syndicate was co-led by Canaccord Genuity Corp. and Scotia Capital Inc. and includes Eight Capital, Raymond James Ltd., Infor Financial Inc., Roth Canada Inc. and Ventum Financial Corp. The proceeds from the sale of the subscription receipts will be held by an escrow agent pending the fulfilment or waiver of all outstanding conditions precedent to closing of the acquisition (other than the payment of the consideration for the acquisition). There can be no assurance that the applicable closing conditions will be met or that the acquisition will be consummated.

Upon the closing of the acquisition: (a) one common share will be automatically issued in exchange for each subscription receipt (subject to customary anti-dilution protection) without payment of additional consideration or further action by the holder thereof; and (b) an amount per subscription receipt equal to the per-share cash dividends declared by the company on the common shares to holders of record on a date during the period that the subscription receipts are outstanding, net of any applicable withholding taxes, will become payable in respect of each subscription receipt.

If the acquisition is not completed as described herein by March 26, 2025, or if the acquisition is terminated at an earlier time, the gross proceeds of the offering and pro rata entitlement to interest earned or deemed to be earned on the gross proceeds of the offering, net of any applicable taxes, will be paid to holders of the subscription receipts, and the subscription receipts will be cancelled. The acquisition is expected to close in the fourth quarter of 2024 or the first quarter of 2025, subject to customary closing conditions and regulatory approvals.

About Propel Holdings Inc.

Propel Holdings is a fintech company building a new world of financial opportunity for consumers, partners and investors. Propel's operating brands -- Fora Credit, CreditFresh and MoneyKey -- and its lending-as-a-service product line facilitate access to credit for consumers underserved by traditional financial institutions. Through its AI-powered (artificial intelligence) 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. The company's revolutionary fintech platform has already helped consumers access over one million loans and lines of credit and over $1-billion in credit. At Propel, the company is here to change the way customers, partners and investors succeed together.

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