Propel Holdings receives approval to set up Propel Bank

Mr. Clive Kinross reports PROPEL HOLDINGS RECEIVES REGULATORY APPROVAL TO LAUNCH PROPEL BANK Propel Holdings Inc. has received regulatory approval from the Office of the Commissioner of Financial Institutions of Puerto Rico (OCFI) to establish Propel International Bank Inc. (Propel Bank), a wholly owned subsidiary of Propel. Propel Bank is licensed as an international financial entity (IFE) overseen by the OCFI. Established under the U.S. banking framework, many IFEs today provide a range of banking and financial services to clients in the United States and globally. Propel Bank represents an evolution of Propel's fintech-bank partnership platform. At launch, Propel Bank will focus on serving existing and future bank partners by providing core consumer lending services, including underwriting, compliance and customer service. Propel Holdings will not become a bank holding company. Propel Bank will provide long-term strategic benefits, including: Potential for product and service diversification: The establishment of Propel Bank creates potential for growth -- including the addition of customary banking products and services, subject to regulatory approval. Expanded access to markets: With its IFE licence, Propel Bank allows for an expanded presence in existing and new markets. "Propel Bank marks the next step in our journey to become global leaders by strengthening our partnership platform, expanding our reach and opening new pathways for growth. This approval validates the strength of our team, our technology and the business we've built and positions us to create greater opportunity for partners, shareholders and underserved consumers," said Clive Kinross, chief executive officer of Propel Holdings. Operationalization of the bank Propel Bank will be headquartered in Puerto Rico with its own management team. The experienced management team in Puerto Rico has already been identified and will start in Q1 2026. Noah Buchman, Propel's president and chief revenue officer, will also serve as Propel Bank's president. Propel Bank will leverage the company's AI-powered (artificial intelligence) technology platform and operational infrastructure to deliver its services. Propel Bank is expected to be operational in the first half of 2026. International financial entity IFEs operate within a highly regulated environment that benefits from Puerto Rico's status as a U.S. territory and the application of U.S. federal laws such as anti-money-laundering statues, including the Bank Secrecy Act and the Patriot Act. OCFI regulates banking institutions within the jurisdiction. OCFI's approval follows a multiyear investment by Propel in building out its banking infrastructure and OCFI's comprehensive evaluation of Propel's governance, compliance and operational readiness reflects strong confidence in the company's ability to launch and manage a fully regulated financial institution. Purpose built for modern fintech (financial technology) innovation, the IFE regime pairs robust U.S. regulatory oversight with the flexibility needed for technology-driven financial services. The IFE positions Propel Bank to deliver secure and scalable servicing capabilities as the company expands its financial ecosystem. About Propel Holdings Inc. Propel Holdings is the fintech company building a new world of financial opportunity for consumers, partners and investors. Propel's operating brands -- Fora Credit, CreditFresh, MoneyKey and QuidMarket -- and its lending-as-a-service product line facilitate access to credit for consumers underserved by traditional financial institutions. Through its AI-powered 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. Propel's revolutionary fintech platform has already helped consumers access over one million loans and lines of credit and over $2-billion in credit. At Propel, the company is here to change the way customers, partners and investors succeed together. We seek Safe Harbor.