Technology
Propel Reports Record Results for Q4 and Fiscal Year 2024
Published
1 year agoon
By
TORONTO, March 12, 2025 /CNW/ – Propel Holdings Inc. (“Propel” or the “Company”) (TSX: PRL), the fintech facilitating access to credit for underserved consumers, today reported record financial results for the three months ended December 31, 2024 (“Q4 2024”) and fiscal year ended December 31, 2024. All amounts are expressed in U.S. dollars unless otherwise stated.
Financial and Operational Highlights for Q4 2024 and Fiscal Year 2024 (Shown in U.S. Dollars)
Comparable metrics relative to Q4 2023 and fiscal year 2023, respectively
Revenue: increased by 35% to $129.3 million in Q4 2024, and increased by 42% to $449.7 million for fiscal 2024, representing record performance for both periodsAdjusted EBITDA1: increased by 48% to $31.9 million in Q4 2024, and increased by 60% to $121.3 million for fiscal 2024, representing record performance for both periodsNet Income2: increased by 37% to $11.6 million (or $12.1 million when excluding one-time transaction costs related to the acquisition of QuidMarket) in Q4 2024, and increased by 67% to $46.4 million (or $48.7 million when excluding one-time transaction costs related to the acquisition of QuidMarket) for fiscal 2024, representing record performance for a twelve-month periodAdjusted Net Income1: increased by 67% to $16.9 million in Q4 2024, and increased by 75% to $62.3 million for fiscal 2024, representing record performance for both periodsDiluted EPS2,3: increased by 25% to $0.29 (C$0.40) (or $0.30 (C$0.42) when excluding one-time transaction costs related to the acquisition of QuidMarket) in Q4 2024, and increased by 62% to $1.22 (C$1.67) (or $1.28 (C$1.76) when excluding one-time transaction costs related to the acquisition of QuidMarket) for fiscal 2024, representing record performance for a twelve-month periodAdjusted Diluted EPS1,3: increased by 52% to $0.42 (C$0.59) in Q4 2024, and increased by 69% to $1.64 (C$2.25) for fiscal 2024, representing record performance for a twelve-month periodReturn on Equity2,4: decreased on an annualized basis to 27% (or 29% when excluding one-time transaction costs related to the acquisition of QuidMarket) in Q4 2024 compared to 35% in Q4 2023, and increased to 36% (or 38% when excluding one-time transaction costs related to the acquisition of QuidMarket) for fiscal 2024 compared to 30% for fiscal 2023Adjusted Return on Equity1: decreased on an annualized basis to 40% in Q4 2024 compared to 41% in Q4 2023, and increased to 48% for fiscal 2024 compared to 39% for fiscal 2023Loans and Advances Receivable: increased by 45% in Q4 2024 to $375.2 million, a record ending balanceEnding Combined Loan and Advance Balances (“CLAB”)1: increased by 42% in Q4 2024 to $480.6 million, a record ending balanceDividend: paid a Q4 2024 dividend of C$0.15 per common share on December 4, 2024, representing a 7% increase to our Q3 2024 dividend
Management Commentary
“We delivered another quarter and year of significant growth on both the top and bottom line and another quarter and year of record results, including Revenue, Adjusted EBITDA1, Adjusted Net Income1, Total Originations Funded1 and ending CLAB1.
In 2024, we served a record number of new and returning customers, leading to record Total Originations Funded1 of $586 million, an increase of 42% over the previous year. This resulted in our Ending CLAB1 growing year-over-year by 42% to a record of $481 million. We achieved this record growth while delivering the strongest credit performance in a Q4 period since Q4 2020, a result of our AI-powered technology platform.
As we look ahead, we are focused on the continued growth and expansion of our business in the US and Canada, the integration and growth of our recently acquired UK business QuidMarket, and expanding and optimizing our products and building new partnerships to serve more consumers across the credit spectrum. We have the technology, people, infrastructure and expertise to deliver on our growth strategy and to realize our vision of becoming a global leader. With more than 90 million underserved consumers across the US, the UK and Canada, tremendous market growth opportunities remain ahead of us. We are just getting started,” said Clive Kinross, Chief Executive Officer.
Discussion of Financial Results and Business Strategy
Strong seasonal consumer demand led to record quarterly Total Originations Funded1, Ending CLAB1 and RevenueWhile continuing to maintain a prudent underwriting posture, we and our Bank Partners facilitated record originations driven by high consumer demand from new and existing customers, both representing records for the quarterTotal Originations Funded1 increased by 45% to a quarterly record of $176 million in Q4 2024 vs. Q4 2023, resulting in Ending CLAB1 growing year-over-year by 42% to a record of $481 millionAnnualized Revenue Yield1 decreased to 113% in Q4 2024 from 121% in Q4 2023. The decrease was driven by several factors including: i) the record originations from existing and returning customers; ii) the continued aging of the loan portfolio including the graduation of customers to lower cost of credit; iii) the ongoing expansion of Fora; and iv) an accounting estimates change in Q4 2023 which impacted the Annualized Revenue Yield1 upwardsThe record Ending CLAB1 drove the 35% growth and record revenue in Q4 2024 of $129 millionPropel’s AI-powered technology continued to deliver strong credit performanceWe and our Bank Partners were able to capitalize on strong seasonal consumer demand from both new and existing customers, while continuing to drive strong credit performanceProvision for loan losses and other liabilities as a percentage of revenue decreased to 51% in Q4 2024 from 54% in Q4 2023The provision for loan losses and other liabilities as a percentage of revenue in Q4 2024 represented the lowest percentage in a Q4 period since 2020, a period impacted by government support related to COVID-19Overall growth, lower relative provisions, and effective cost management contributed to the year-over-year increase in Net income and Adjusted Net Income1 Net income was $11.6 million in Q4 2024, a 37% increase over Q4 2023, and Adjusted Net Income1 was $16.9 million in Q4 2024, a 67% increase over Q4 2023Net income margin remained the same at 9% in Q4 2024 from 9% in Q4 2023 and Adjusted Net Income Margin1 increased to 13% in Q4 2024 from 11% in Q4 2023. The margin expansion for Adjusted Net Income1 was driven by lower provision expense, operating leverage and effective cost managementNet income in Q4 2024 was adversely impacted by one-time transaction expenses of $0.7 million (pre-tax) associated with the acquisition of QuidMarket2. By excluding these one-time transaction expenses, Propel’s net income and net income margin for Q4 2024 would have been $12.1 million and 9%, respectivelyIn addition, the net income in Q4 2024 was impacted by a meaningful unrealized loss from changes in foreign exchange rates and the amortization of intangible assets related to the acquisition of QuidMarket. Combined, these represent $1.2 million (pre-tax) of additional expenses that are added back to Adjusted Net Income1QuidMarket performance was strong and in line with expectations, with the integration laying the foundation for growthWith 20 million underserved consumers in the UK and limited credit supply, QuidMarket was able to deliver strong revenue and earnings (before acquisition-related expenses) following the acquisition close on November 15, 2024Integration is on schedule and management is committed to accelerating QuidMarket’s growth and building it into a leader in the UK marketAdditional growth initiatives experienced strong year-over-year performance as they continue to scaleLending as a Service (LaaS) program continued to grow and expand with strong consumer demand and performanceOnboarding of additional purchasers and the upsizing of commitments from existing purchasers underway, with more commitments to be secured over the coming quartersIn Canada, Fora achieved record revenue in Q4 2024, with the KOHO partnership becoming operationalWhile Fora currently represents a small but growing percentage of the Company’s overall revenue, Propel is confident in becoming a leading digital fintech business in CanadaSolid consolidated financial position and continued earnings growth supports the continued expansion of existing programs, growth initiatives and increased dividendThe Company ended Q4 2024 with approximately $95 million of undrawn credit capacity on its various credit facilities with a Debt-to-Equity4 ratio of 1.3xThe Company’s balance sheet was bolstered following the October 2024 C$115 million bought deal equity offering used to finance the acquisition of QuidMarketStrong operating results and financial position supported the decision to increase our quarterly dividend by 10% to C$0.165 per common share in Q1 2025
2025 Operating and Financial Targets
Propel finished fiscal year 2024 with record results across multiple operating and financial metrics and with a strong financial position to support its growth. Furthermore, Propel achieved and in some cases surpassed its 2024 operating and financial targets including exceeding its Ending CLAB year over year growth and reaching the upper ends of its targeted revenue and Adjusted Net Income1 ranges.
The 2025 targets below are supported by our strategy which includes: i) scaling of our existing businesses in the US and Canada; ii) growing QuidMarket in the UK; and iii) optimizing and expanding our products and partnerships to serve more consumers across the credit spectrum.
Furthermore, the Company expects to achieve continued margin expansion in fiscal year 2025 driven by: i) the operating leverage inherent in the business and further driven by our technology infrastructure; ii) the overall growth and increasing scale of the loan portfolio; and iii) the increased contribution from QuidMarket and the ongoing expansion of Propel’s LaaS partnerships.
There are a number of new business and corporate development initiatives, including the broadening of our addressable market through new products, partnerships, programs and geographies, that form part of the Company’s growth strategy and are not included in the operating and financial targets below.
Operating and Financial Targets (US$)
2024 Target
2024A Result
2025 Target
Ending Combined Loan and Advance Balances1 year over year growth
25% – 35%
42 %
25% – 35%
Revenue
$410 – $450 million
$449.7 million
$590 – $650 million
Adjusted EBITDA Margin1
24% – 29%
27 %
26% – 30%
Net Income Margin
9.5% – 12.5%
10 %
10.5% – 14.5%
Adjusted Net Income Margin1
11.75% – 14.75%
14 %
13.25% – 16.25%
Return on Equity4
30%+
36 %
27%+
Adjusted Return on Equity1
40%+
48 %
34%+
The operating and financial 2025 targets are based on management’s current strategies and expectations and may be considered forward-looking information under applicable securities laws. Such targets are based on estimates and assumptions made by management regarding, among other things, the following:
the regulatory landscape applicable to the Company’s operations;the continued expansion of the Company’s Bank Program relationships;the availability and cost of debt capital for the Company;the maintenance and expansion of the Company’s marketing partnerships; andthe macroeconomic environment in fiscal 2025 and its impact on the Company, including any potential impact from tariffs on our consumer segment.
For a more detailed discussion on achieving the 2024 operating and financial targets, the 2025 operating and financial targets and the assumptions underpinning such targets, please refer to the Company’s accompanying December 31, 2024 MD&A, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. The above operating and financial targets are based on growth in the Company’s existing business lines, existing Bank Programs and the recent acquisition of QuidMarket.
Management currently believes that the achievement of the 2025 operating and financial targets described above can be reasonably estimated and are based on underlying assumptions that management believes are reasonable in the circumstances, given the time period for such targets. However, there can be no assurance that Propel will be able to meet such operating and financial targets.
Notes:
(1)
See “Non-IFRS Financial Measures and Industry Metrics” and “Reconciliation of Non-IFRS Financial Measures” below. See also “Key Components of Results of Operations” in the accompanying Q4 2024 MD&A for further details concerning the non-IFRS financial measures and industry metrics used in this press release including definitions and reconciliations to the relevant reported IFRS measure.
(2)
See “Business combinations” in the Company’s Q4 2024 Financial Statements for further information on the acquisition of QuidMarket and associated one-time transaction costs.
(3)
Results converted from USD to CAD assuming an exchange rate of USD/CAD $1.3982 and USD/CAD $1.3698 for the three-month and twelve-month periods ending December 31, 2024, respectively.
(4)
See “Supplemental Financial Measures” in the accompanying Q4 2024 MD&A for further details concerning certain financial metrics used in this press release including definitions.
Conference Call Details
The Company will be hosting a conference call and webcast tomorrow morning with a presentation by Clive Kinross, Chief Executive Officer, and Sheldon Saidakovsky, Chief Financial Officer.
Conference call details are as follows:
Date: Thursday, March 13, 2025
Time: 8:30 a.m. EDT
Toll-free North America: 1-888-699-1199
Local Toronto: 1-416-945-7677
Rapid Connect: Click here
Webcast: Click here
Replay: 1-888-660-6345 or 1-646-517-4150 (PIN: 87497#)
About Propel
Propel Holdings (TSX: PRL) the fintech 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. The revolutionary fintech platform has already helped consumers access over one million loans and lines of credit and over two billion dollars in credit. At Propel, we are here to change the way customers, partners and investors succeed together. Learn more at propelholdings.com
Non-IFRS Financial Measures and Industry Metrics
This press release makes reference to certain non-IFRS financial measures and industry metrics. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Such measures include “Adjusted Diluted EPS”, “Adjusted EBITDA”, “Adjusted Net Income”, “Adjusted Net Income Margin”, “Adjusted Return on Equity”, “EBITDA”, “Ending CLAB”, and “Total Originations Funded”. This press release also includes references to industry metrics such as “Annualized Revenue Yield”, “Return on Equity” and “Total Originations Funded” which are supplementary measures under applicable securities laws.
These non-IFRS financial measures and industry metrics are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS financial measures and industry metrics in the evaluation of issuers. The Company’s management also uses non-IFRS financial measures and industry metrics in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts, and to determine components of management and executive compensation. The key performance indicators used by the Company may be calculated in a manner different than similar key performance indicators used by other similar companies.
Definitions and reconciliations of non-IFRS financial measures to the relevant reported measures can be found in our accompanying MD&A available on SEDAR+. Such reconciliations can also be found in this press release under the heading “Reconciliation of Non-IFRS Financial Measures” below.
Forward-Looking Information
Certain statements made in this press release may constitute forward-looking information under applicable securities laws. These statements may relate to our 2025 Operating and Financial Targets; our continued growth and expansion of our business in the US and Canada, the integration and growth of our recently acquired UK business QuidMarket, and expanding and optimizing our products and building new partnerships to serve more consumers across the credit spectrum; the tremendous market growth opportunities ahead of us in the US, UK and Canada; future LaaS commitment to be secured over the coming quarters; our strategy to i) scale our existing businesses in the US and Canada; ii) grow QuidMarket in the UK; and iii) optimize and expand our products and partnerships to serve more consumers across the credit spectrum; our anticipated achievement of continued margin expansion in fiscal year 2025; the anticipated broadening of our addressable market through new products, partnerships, programs and geographies; and our ability to create sustainable, profitable growth. As the context requires, this may include certain targets as disclosed in the prospectus for our initial public offering, which are based on the factors and assumptions, and subject to the risks, as set out therein and herein. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”, “should”, “would”, “outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the negative of these terms or variations of them or similar terminology.
Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the factors discussed in the “Risk Factors” section of the Company’s annual information form dated March 12, 2025 for the year ended December 31, 2024 (the “AIF”). A copy of the AIF and the Company’s other publicly filed documents can be accessed under the Company’s profile on SEDAR+ at www.sedarplus.ca.
The Company cautions that the list of risk factors and uncertainties described in the AIF is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. The forward-looking information contained in this press release represents our expectations as of the date of this press release (or as the date they are otherwise stated to be made), and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
Source: Propel Holdings Inc.
Selected Financial Information
Three months ended December 31,
Year ended December 31,
2024
2023
2024
2023
(US$ other than percentages)
Revenue
129,307,037
96,010,640
449,730,785
316,488,175
Provision for loan losses and other liabilities
65,582,578
51,377,131
222,495,877
161,907,632
Operating expenses
Acquisition and data
17,136,996
11,634,932
55,432,915
38,556,852
Salaries, wages and benefits
11,501,710
8,865,125
39,454,703
31,512,542
General and administrative
3,961,838
2,403,984
13,882,149
8,652,894
Processing and technology
4,956,630
3,150,278
16,662,701
11,048,876
Total operating expenses
37,557,174
26,054,319
125,432,468
89,771,164
Operating income
26,167,285
18,579,190
101,802,440
64,809,379
Other (income) expenses
Interest and fees on credit facilities
8,514,528
6,462,539
31,585,290
22,473,216
Interest expense on lease liabilities
65,828
78,247
265,482
330,732
Amortization of internally developed software, customer relationships and brand
1,485,071
894,459
4,524,170
3,330,462
Depreciation of property and equipment
50,985
51,559
197,899
197,259
Amortization of right-of-use assets
196,787
188,333
758,476
703,497
Foreign exchange (gain) loss
275,067
98,143
457,554
383,639
Unrealized (gain) loss on derivative financial instruments
896,192
(809,761)
1,403,607
(592,947)
Total other (income) expenses
11,484,458
6,963,519
39,192,478
26,825,858
Income before income tax
14,682,827
11,615,671
62,609,962
37,983,521
Income tax expense (recovery)
Current
5,206,917
7,709,771
25,356,459
18,128,656
Deferred
(2,133,268)
(4,577,996)
(9,122,364)
(7,921,268)
Net income for the period
11,609,178
8,483,896
46,375,867
27,776,133
Earnings per share ($USD):
Basic
0.31
0.25
1.32
0.81
Diluted
0.29
0.23
1.22
0.76
Earnings per share ($CAD)(1):
Basic
0.43
0.34
1.81
1.09
Diluted
0.40
0.31
1.67
1.02
Return on equity(2)
27 %
35 %
36 %
30 %
Dividends:
Dividends
4,132,444
2,664,212
13,985,253
10,134,015
Dividend per share
0.111
0.078
0.398
0.295
Notes:
(1)
Results converted from USD to CAD assuming an exchange rate of USD/CAD $1.3982 and USD/CAD $1.3698 for the three-month and twelve-month periods ending December 31, 2024, respectively, and assuming an exchange rate of USD/CAD $1.3624 and USD/CAD $1.3498 for the three-month and twelve-month periods ending December 31, 2023, respectively.
(2)
See “Supplemental Financial Measures” in the accompanying Q4 2024 MD&A for further details concerning certain financial metrics used in this press release including definitions.
Reconciliation of Non-IFRS Financial Measures
The following table provides a reconciliation of Propel’s net income to EBITDA1 and Adjusted EBITDA1:
Three months ended December 31,
Year ended December 31,
2024
2023
2024
2023
(US$ other than percentages)
Net Income
11,609,178
8,483,896
46,375,867
27,776,133
Interest and fees on credit facilities
8,514,528
6,462,539
31,585,290
22,473,216
Interest expense on lease liabilities
65,828
78,247
265,482
330,732
Amortization of internally developed software, customer relationships and brand
1,485,071
894,459
4,524,170
3,330,462
Depreciation of property and equipment
50,985
51,559
197,899
197,259
Amortization of right-of-use assets
196,787
188,333
758,476
703,497
Income Tax Expense (Recovery)
3,073,649
3,131,775
16,234,095
10,207,388
EBITDA(1)
24,996,026
19,290,808
99,941,279
65,018,687
EBITDA(1) Margin
19 %
20 %
22 %
21 %
Transaction costs
701,808
—
3,221,649
—
Unrealized loss (gain) on derivative financial instruments
896,192
(809,761)
1,403,607
(592,947)
Provision for credit losses on current
status accounts(2)
4,481,049
4,395,134
11,993,619
9,857,071
Provisions for CSO Guarantee liabilities and
Bank Service Program liabilities
851,509
(1,289,553)
4,783,304
1,430,044
Adjusted EBITDA (1)
31,926,584
21,586,628
121,343,458
75,712,855
Adjusted EBITDA(1) Margin
25 %
22 %
27 %
24 %
Notes:
(1)
See “Non-IFRS Financial Measures and Industry Metrics”.
(2)
Provision included for (i) loan losses on good standing current principal (Stage 1 — Performing) balances (see “Material Accounting Policies and Estimates — Loans and advances receivable” in the accompanying Q4 2024 MD&A).
The following table provides a reconciliation of Propel’s Net Income to Adjusted Net Income1, Adjusted Return on Equity1 and Adjusted Net Income margin1:
Three months ended December 31,
Year ended December 31,
2024
2023
2024
2023
(US$ other than percentages)
Net Income
11,609,178
8,483,896
46,375,867
27,776,133
Transaction costs net of taxes(2)
515,829
—
2,367,912
—
Unrealized loss (gain) on derivative financial instruments(2)
658,701
(595,174)
1,031,651
(435,816)
Amortization of internally developed software, customer relationships and brand(2)
240,525
—
240,525
—
Provision for credit losses on current status accounts net of taxes(2)
3,293,571
3,230,423
8,815,310
7,244,947
Provisions for CSO Guarantee liabilities and Bank Service Program liabilities net of taxes(2)
625,859
(947,821)
3,515,728
1,051,082
Adjusted Net Income(1)
16,943,663
10,171,324
62,346,993
35,636,346
Multiplied by number of periods in year
x4
x4
x1
x1
Divided by average shareholders’ equity for the period
169,109,776
98,261,336
129,028,416
91,128,575
Adjusted Return on Equity(1)
40 %
41 %
48 %
39 %
Adjusted Net Income Margin(1)
13 %
11 %
14 %
11 %
Notes:
(1)
See “Non-IFRS Financial Measures and Industry Metrics”.
(2)
Each item is adjusted for after-tax impact, at an effective tax rate of 26.5% for the three and twelve-months ended December 31, 2024 and comparative 2023 periods.
The following table provides a reconciliation of Propel’s Ending CLAB1 to loans and advances receivable:
As at December 31,
(US$ other than percentages)
2024
2023
Ending Combined Loan and Advance balances1
480,602,408
337,282,804
Less: Loan and Advance balances owned by third party lenders pursuant to CSO program
(5,892,783)
(3,779,004)
Less: Loan and Advance balances owned by a NBFI pursuant to the MoneyKey Bank Service program
(56,360,814)
(36,736,938)
Loan and Advance owned by the Company
418,348,811
296,766,862
Less: Allowance for Credit Losses
(111,227,713)
(79,093,294)
Add: Fees and interest receivable
52,592,513
36,063,899
Add: Acquisition transaction costs
15,451,381
5,575,769
Loans and advances receivable
375,164,992
259,313,236
Note:
(1) See “Non-IFRS Financial Measures and Industry Metrics”.
SOURCE Propel Holdings Inc.
You may like
Technology
Truemed and Highmark Benefits Administration Partner to Expand Access to Root‑Cause Healthcare and Enable Employers to Reach Benefits Goals
Published
1 hour agoon
May 1, 2026By
AUSTIN, Texas, May 1, 2026 /PRNewswire/ — Truemed, the leading platform enabling qualified health purchases with HSA and FSA dollars, today announced a strategic partnership with Highmark Benefits Administration, a trusted provider of comprehensive, compliance‑driven solutions committed to providing A+ benefits administration services to clients nationwide.
The partnership aligns two organizations focused on delivering innovative, cost-effective solutions that help clients achieve business goals while empowering employees to use their benefits confidently and proactively. By integrating Truemed’s medically-necessary qualification process with Highmark’s service‑driven administrative infrastructure, employers can offer a broader range of eligible health interventions while maintaining clarity, compliance, and operational efficiency.
Through this collaboration, eligible Highmark participants can use pre‑tax HSA and FSA funds on evidence‑based, root‑cause health solutions— including fitness and movement programs, nutrition and supplement options, stress‑management tools, and other medically‑necessary interventions designed to help employees proactively improve their health.
“At Highmark Benefits Administration, we understand that managing employee benefits and plan compliance can be a daunting task, but it doesn’t have to be,” said Dan Bearden, Founder and Director of Highmark. “Partnering with Truemed expands what’s possible with HSA and FSA dollars while maintaining the clarity and compliance confidence our clients rely on. We’re excited to help participants access more meaningful health solutions.”
“Highmark has built a reputation for exceptional service and operational excellence,” said Justin Mares, CEO of Truemed. “This partnership builds on that foundation by giving eligible participants access to root‑cause health interventions that have been shown to improve health outcomes and chronic condition management. Together, we’re helping employers offer benefits that are simple, compliant, and truly impactful.”
Learn more at: truemed.com/a/highmark
Truemed is for qualified customers. See terms at truemed.com/disclosures.
About Truemed
Truemed partners with consumer health brands and benefits administrators to enable HSA and FSA payments for root‑cause healthcare expenses. Through licensed practitioner review and IRS‑aligned documentation, Truemed helps qualified individuals invest in medically necessary products and services using pre‑tax dollars. Learn more at truemed.com.
About Highmark Benefits Administration
Highmark Benefits Administration provides comprehensive, cost‑effective benefits administration services designed to simplify complexity and support employer goals. With expertise in enrollment and eligibility management, COBRA administration, FSA/HSA/HRA programs, compliance reporting, carrier billing, and employee communication, Highmark delivers exceptional service backed by modern technology solutions. Learn more at highmarkbenadmin.com.
Media Contact:
Tom Dahl
tom@truemed.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/truemed-and-highmark-benefits-administration-partner-to-expand-access-to-rootcause-healthcare-and-enable-employers-to-reach-benefits-goals-302760163.html
SOURCE Truemed
Technology
DistrictWON’s uReport Partners with KOIN to Usher Back Local Sports Coverage to Every Community
Published
1 hour agoon
May 1, 2026By
PORTLAND, Ore., May 1, 2026 /PRNewswire/ — KOIN 6 is proud to announce a groundbreaking partnership with uReport, bringing comprehensive, community-driven sports coverage to every high school across the entire metro Portland and southwestern Washington markets.
Through this initiative, KOIN is offering uReport, a human-powered, AI-assisted platform widely endorsed across high schools and colleges nationwide, fully-funded to all high schools in the region. uReport is ISTE EdTech Index Approved and listed in the ISTE Learning Technology Directory, a vetted resource used by educators to identify high-quality digital learning tools.
This partnership empowers schools, students, and communities to create and share stories, highlights, and updates across all sports, while amplifying that content across KOIN.com. uReport is already endorsed by leading organizations including the National Interscholastic Athletic Administrators Association, College Sports Communicators and other groups representing over 17,000 high schools and colleges.
“Local sports coverage has historically reached the biggest schools and the biggest games. uReport flips that. Every school in our market — from the 6A powerhouse to the 1A program with 80 kids — now has a dedicated platform on KOIN.com,” said Tom Keeler, Vice President & General Manager of KOIN.
Key benefits for each school & community include:
A dedicated content platform for every school.The ability to cover every game, every sport at every level and include unlimited pictures and videos.Every school will also be featured on KOIN.com, allowing all schools to consistently make the news!Schools also distribute content onto their own social channels, creating an amazing content library Real-world training for student journalism and responsible use of AI in storytellingA free fan-powered mobile app for real-time contributions from the communityFull customer support for the platform, all year.
Check out a quick explainer video here: KOIN – Supercharging Your Coverage
KOIN will host three short webinars for Portland market school administrators to learn more. Any administrator is encouraged to participate (administrator, teacher, coach or other, click below to attend):
Tuesday 5/5: 9am PT
Wednesday 5/6: 8am PT
Thursday 5/7: 12pm PT
Schools can self-start and sign-up right now to cover spring events and continue to have access for the entire 2026–27 academic year. Self-start sign-up is easy here: www.ureport.com/koin.
For more information, contact uReport Director of Customer Success, Dan McGrath: 216-647-3857; dmcgrath@districtwon.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/districtwons-ureport-partners-with-koin-to-usher-back-local-sports-coverage-to-every-community-302760179.html
SOURCE DistrictWON
Technology
Fuutura Outlines Architecture Built for the Cross-Border Stablecoin Corridors the IMF Now Tracks
Published
1 hour agoon
May 1, 2026By
As the IMF’s April 2026 Global Financial Stability Report calls for enhanced regulatory oversight of cross-border stablecoin flows to emerging markets, Fuutura’s compliance-first architecture across identity, payments, and trading is built to support exactly this kind of regulatory oversight
PANAMA CITY, Panama, May 1, 2026 /PRNewswire/ — Fuutura, a blockchain infrastructure company building a compliance-first financial ecosystem for the global market, today set out its position on rising cross-border stablecoin flows to emerging markets, following the IMF’s call for enhanced regulatory oversight in its April 2026 Global Financial Stability Report.
The IMF’s findings reflect a structural shift in how money moves across emerging economies. Cross-border flows of the two largest dollar-pegged stablecoins, Tether and USD Coin, rose from approximately $12 billion in early 2020 to $316 billion by early 2025, outpacing flows of Bitcoin and Ethereum. A significant share of those flows has been directed toward emerging markets, with cumulative net inflows accelerating since late 2023. The IMF’s concern is that rapid stablecoin adoption in emerging markets, absent appropriate regulation and backstops, could lead to currency substitution, weaken the transmission of monetary policy, increase capital flow volatility, and create challenges for capital flow management measures.
The IMF report also acknowledges that stablecoins, with adequate regulation, could offer improved settlement efficiency, faster cross-border payments, increased competition in the payment space, and broader access to digital finance. The same flows that warrant enhanced oversight also reflect genuine demand for financial services that legacy infrastructure has consistently failed to deliver in emerging markets.
Fuutura is being built to make both possible at once. A compliance by design approach facilitates the very regulatory oversight the IMF is advocating. That same architecture allows the platform to serve users in markets unreached by legacy financial infrastructure. What that looks like in practice is best described by the people who have built it.
“The IMF’s findings lay bare something that anyone working in cross-border financial services across emerging markets has been seeing for years. The flows are real, the demand is structural, and the existing infrastructure has not been built to give regulators the kind of visibility they need to do their work properly. That is the gap our infrastructure is built to address, across cross-border payments, identity verification, and the trading layer that connects users to the global financial system. Compliance is not something we have layered on top of an existing platform. It is part of how the system functions at every level.”
Ellis McGrath, Co-founder and Chief Technology Officer, Fuutura
The architectural choice that defines Fuutura is the integration of compliance at a foundational level. Most digital asset platforms operate perimeter compliance, with KYC and AML conducted at onboarding and transaction monitoring sitting on top of an existing technology stack. Fuutura’s design records verified KYC and AML attestations on-chain and ties them to the user’s wallet, so that every interaction with the platform is gated by the presence of that attestation at the smart contract level. This applies across the entire ecosystem. Whether a user is opening a wallet, executing a trade on the exchange, or moving funds across borders, the same compliance design governs every interaction. The result is infrastructure where compliance is enforceable on every transaction and auditable by regulators at the on-chain level.
“The platforms that earn regulators’ trust will be the ones that make their work easier. The IMF’s call for proportionate monitoring of stablecoin flows reflects a broader truth about the relationship between innovators and regulators in this industry. Architecture that is open to inspection by default. A company posture that welcomes the questions responsible oversight requires. We believe the future of digital finance depends on builders and regulators working together, and we have designed Fuutura to support that relationship across every product on the platform.”
Oliver Cook KC, Co-founder and Chief Legal Officer, Fuutura
Fuutura is building for a market where existing financial infrastructure has consistently failed to deliver. The cross-border stablecoin corridors identified by the IMF are one part of that market. The broader scope is the millions of people and businesses across emerging economies who require digital identity, secure custody, and access to global financial markets in a single connected environment. The company’s launch marks the beginning of a phased rollout, with further ecosystem development planned as the platform scales across the markets it was designed to serve.
About Fuutura
Fuutura is a blockchain infrastructure company building a compliance-first financial ecosystem facilitating participation in the global financial system from underserved markets with a focus on the Global-South. The platform combines digital identity verification, a wallet, and a trading exchange into one unified ecosystem, giving users access to crypto and tokenised real-world assets through a single environment. Fuutura is pursuing licensing in multiple jurisdictions. Built with KYC and AML integrated at an architectural level, Fuutura is designed to be open to regulatory oversight by design. Fuutura is building infrastructure to extend digital finance to markets that legacy banking has not reached.
Media Contact
Fuutura
pr@fuutura.com
Forward-Looking Statements and Risk Disclosures
Digital asset risk. Digital assets are high-risk and their value may fall as well as rise. Trading digital assets involves significant risk and may not be suitable for all investors. Past performance is not a reliable indicator of future results.
Forward-looking statements. This press release contains forward-looking statements regarding Fuutura, its technology, products, business plans and future conduct, including statements relating to the phased rollout of the ecosystem, regulatory engagement and licensing outcomes, geographic expansion, and market ambitions. Forward-looking statements are identifiable by words such as “building,” “plans,” “intends,” “expects,” “designed to,” “anticipates” and similar expressions, as well as by statements regarding future outcomes, ambitions or strategic direction.
Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that could cause actual outcomes to differ materially from those expressed. These include, without limitation, changes in the regulatory environment across jurisdictions; the availability and timing of licensing or authorisation; developments in digital asset markets; technological and cybersecurity risks; operational risks; counterparty and third-party risks; the pace of product development; and other factors beyond Fuutura’s control.
No offer or advice. Nothing in this press release constitutes an offer to sell, a solicitation to purchase, investment advice, or a recommendation in respect of any digital asset, crypto-asset, token, security, or financial product or instrument. Fuutura’s products and services may not be available in all jurisdictions and may be subject to regulatory restrictions. Access to Fuutura’s platform is restricted to residents of jurisdictions where its services are permitted.
No duty to update. Fuutura undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
This release is not for distribution in the United States, the United Kingdom, the European Union, or in any other jurisdiction where such distribution would be unlawful.
Photo: https://mma.prnewswire.com/media/2970890/Fuutura.jpg
Logo: https://mma.prnewswire.com/media/2965342/5949163/Fuutura_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/fuutura-outlines-architecture-built-for-the-cross-border-stablecoin-corridors-the-imf-now-tracks-302760188.html
Crypto VC funding plunges to $659M in April, hits near two-year low
DeFi can freeze stolen funds, but not everyone agrees it should
Truemed and Highmark Benefits Administration Partner to Expand Access to Root‑Cause Healthcare and Enable Employers to Reach Benefits Goals
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
New Gooseneck Omni Antennas Offer Enhanced Signals in a Durable Package
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Coin Market4 days ago
88 people charged over 12 crypto wrench attacks in France
-
Coin Market4 days agoPrice predictions 4/27: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, HYPE, ADA
-
Technology5 days agoGreater San Diego Science and Engineering Fair Students Win Big at the 75th California Science and Engineering Fair
-
Technology4 days agoTeamViewer Advances Toward Autonomous Endpoint Management: Tia Now Generates Automations From Customers’ Own Proven Fixes
-
Technology5 days agoVARON Celebrates 5 Years Supporting Easier Breathing for Customers Worldwide
-
Technology5 days agoiMarketKorea Signs Two MOUs with Vietnam’s Phu Tho Provincial People’s Committee and BIDV
-
Coin Market4 days ago
Western Union eyes May for its stablecoin USDPT rollout
-
Technology4 days agoOMODA 4 Officially Rolls Off the Production Line: OMODA&JAECOO Sets Its Sights on a New Global Million-Unit Target
