Propel to acquire QuidMarket for $71m.

Propel, a fintech company, agreed to acquire QuidMarket, a fintech company specializing in credit for underserved consumers, for $71m. "The acquisition of QuidMarket will accelerate Propel's growth and is a critical step in our journey to becoming a global leader. 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 20m 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," Clive Kinross, Propel CEO.