Connect with us

Technology

Propel Completes Acquisition of QuidMarket

Published

2 years ago

on

/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Nov. 15, 2024 /CNW/ – Propel Holdings Inc. (“Propel” or the “Company”) (TSX: PRL), the fintech facilitating access to credit for underserved consumers, announced today the successful completion of its previously announced acquisition of Stagemount Limited (dba “QuidMarket”), a leading digital UK-based fintech lender specializing in credit for underserved consumers (the “Acquisition”). The final purchase price was US$71 million, excluding closing adjustments, and was paid all in cash.

“The closing of the Acquisition of QuidMarket is a critical step in our journey to become a global leader in building financial opportunity. A leading UK fintech lender, QuidMarket is focused on the 20 million underserved consumers in the UK. 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,” said Clive Kinross, CEO of Propel.

Management believes that the Acquisition will be immediately accretive to Propel’s 2024 and 2025 Adjusted Earnings Per Share1, on a pro forma basis, and excluding transaction costs and before any synergies. 

“I want to officially welcome the QuidMarket team to Propel. Together, we will build a UK leader,” Mr. Kinross added.

“We have ambitious plans for the UK, and QuidMarket is a critical first step,” said Sheldon Saidakovsky, CFO of Propel and the executive in charge of leading the QuidMarket integration. “In advance of the closing, we outlined a multi-phased integration plan for QuidMarket. Initially we will focus on building financial and operational infrastructure that mirrors our own.  Once complete, we will begin to accelerate QuidMarket growth at both the top and bottom line. Laying the foundation to grow QuidMarket into the UK’s market leader will be a key focus as we head into 2025.”

Acquisition Financing and Subscription Receipt Conversion
The US$71 million purchase price for the Acquisition was funded from the net proceeds of Propel’s previously announced C$115 million bought deal offering of subscription receipts (the “Subscription Receipts”), which closed on October 3, 2024.

Upon closing of the Acquisition, each holder of a Subscription Receipt will be entitled to receive, automatically and without additional consideration or further action on the part of the holder, (i) one common share of Propel (the “Common Shares”) and (ii) a cash amount equivalent to the C$0.15 dividend per Common Share payable by the Company to holders of Common Shares of record on November 15, 2024, with payment occurring on December 4, 2024.

Trading in the Subscription Receipts is expected to be halted, the transfer register maintained by the subscription receipt agent will be closed and the Subscription Receipts will be delisted from the Toronto Stock Exchange (the “TSX”), in each case, effective as of the close of trading today. The Common Shares to be issued pursuant to the terms of the Subscription Receipts are expected to commence trading on the TSX on November 15, 2024.

About Propel
Propel Holdings (TSX: PRL) is the fintech company building a new world of financial opportunity for consumers, partners, and investors. Propel’s operating brands — Fora Credit, CreditFresh and MoneyKey — and our 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.  Our revolutionary fintech platform has already helped consumers access over one million loans and lines of credit and over one billion dollars in credit. At Propel, we are here to change the way customers, partners and investors succeed together. Learn more at propelholdings.com

About QuidMarketLaunched in 2011, QuidMarket is a leading UK-based digital only consumer lender specializing in providing short-term installment loans to individuals with limited access to traditional financial solutions. QuidMarket is committed to responsible lending, offering tailored financial support to help consumers manage unexpected expenses.

Non-IFRS Financial Measures
This press release makes reference to “Adjusted Earnings Per Share” which is a non-IFRS financial measure. This measure is not a recognized measure under IFRS and does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Rather, this measure is provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, this measure should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.

This non-IFRS financial measure is 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 in the evaluation of issuers. The Company’s management also uses non-IFRS financial measures 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 Q3 2024 MD&A available on SEDAR+.

Forward-Looking Information 
This press release contains certain forward-looking statements that may constitute “forward-looking statements” within the meaning of applicable Canadian securities legislation that are based on Propel’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In particular, this press release contains forward-looking statements pertaining to Propel’s business strategy, plans and other expectations, beliefs, goals and objectives including, without limitation, the following: the Acquisition, the anticipated synergies and accretive value to Propel and its shareholders; statements regarding the effects of the Acquisition on Propel’s ability to accelerate growth and its plans and integration of the QuidMarket team, and statements around the dividend and dividend equivalent payments. Often but not always, forward-looking statements can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “believe”, “intend”, “estimate”, “continue”, “anticipate” or the negative of these terms or variations of them or similar terminology suggesting future outcomes, events or performance. The forward-looking statements in this press release reflect management’s current beliefs and are based on information currently available to management, and are based on certain assumptions that Propel has made in respect thereof as at the date of this press release regarding, among other things: that Propel has and will have available capital to fund its capital expenditures; the success of Propel’s operations; the ability of Propel to maintain current credit ratings; the availability of capital to fund future capital requirements relating to existing assets and projects; future operating costs, including costs associated with regulatory compliance in the UK; prevailing regulatory and tax laws and regulations; maintenance of operating margins; and certain other assumptions in respect of Propel’s forward-looking statements detailed in Propel’s Annual Information Form for the year ended December 31, 2023 (the “AIF”), Management’s Discussion and Analysis for the years ended December 31, 2023 and 2022 (the “Annual MD&A”) and Management’s Discussion and Analysis for the three and nine months ended September 30, 2024 (the “Interim MD&A”) and from time to time in Propel’s public disclosure documents available at www.sedarplus.ca and through Propel’s website at www.propelholdings.com.

Notes:

See “Non-IFRS Financial Measures” below. See also “Key Components of Results of Operations” in the Company’s Q3 2024 MD&A for further details concerning the non-IFRS financial measures used in this press release including definitions and reconciliations to the relevant reported IFRS measure.

 

SOURCE Propel Holdings Inc.

Related Topics:
Continue Reading

Technology

APEC 2026 Host City Promotional Video Shenzhen: Where the Future Takes Shape Released Worldwide

Published

2 hours ago

on

November 15, 2026

By

SHENZHEN, China, Nov. 14, 2026 /CNW/ — Shenzhen: Where the Future Takes Shape, the official promotional video for the host city of the 2026 Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting, was released worldwide on November 15, as APEC Economic Leaders’ Week got underway in Shenzhen.

Presented by the Publicity Department of the CPC Shenzhen Municipal Committee and produced by Shenzhen Media Group, the video takes “Where the Future Takes Shape” as its central theme.

It brings together Shenzhen’s pioneering reforms, its achievements in building a modern, people-centered city, and the theme of 2026 APEC “China Year,” “Building an Asia-Pacific Community to Prosper Together.” Through the story of Shenzhen, the video offers international audiences a vivid look at Chinese modernization in practice, while extending a warm welcome to guests from across the Asia-Pacific and beyond. It also reflects the host city’s commitment to openness and its vision of working with regional partners to create a better future.

Shenzhen itself takes center stage in the video. Through six dimensions — innovative, livable, beautiful, resilient, culturally advanced, and smart — the production captures the city’s character during this landmark year and showcases its vitality and appeal to audiences worldwide.

The Chinese- and English-language versions premiered simultaneously across Shenzhen Media Group’s platforms, including Shenzhen TV’s 4K Ultra HD channel, its international channel, and the international social media network of “Shenzhen Channel”.

Featuring more than 260 shots, 99% of them newly filmed in 2026, this six-minute film brings Shenzhen to life–from cutting-edge innovation and vibrant urban spaces to stunning natural landscapes and cultural diversity.

Discover a city where the future is already taking shape, and where people from across the Asia-Pacific are invited to come together, share opportunities, and build a brighter, more prosperous future.

At this moment, Shenzhen is at its best.

As the video’s closing narration declares:

In 2026, the world gathers in Shenzhen to write a new chapter in building an Asia-Pacific Community to prosper together.

Gather in Shenzhen.

Witness miracles.

Together, let’s create a brighter future!

View original content to download multimedia:https://www.prnewswire.com/news-releases/apec-2026-host-city-promotional-video-shenzhen-where-the-future-takes-shape-released-worldwide-302939610.html

SOURCE Shenzhen Media Group

Continue Reading

Technology

IP GUANGDONG debuts at the Media Center of APEC Economic Leaders’ Week

Published

4 hours ago

on

November 15, 2026

By

GUANGZHOU, China, Nov. 15, 2026 /PRNewswire/ — This is a news report from South.

The media center for the 2026 Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Week opened on November 11 in the host city of Shenzhen, Guangdong Province, southern China.

Located in Hall 2 of the Shenzhen Convention and Exhibition Center in Futian District, the APEC media center spans around 15,000 square meters. It will offer services including meeting updates, radio and television broadcast feeds, press briefings, and smart news gathering and production tools for nearly 5000 Chinese and international journalists.

IP GUANGDONG, a community open to anyone who wants to share Guangdong’s stories with the world, has set up a themed space called “A Home for Asia-Pacific Friends” at the APEC media center. The space offers Chinese and international journalists a friendly, homelike atmosphere and has been a popular photo spot since opening day.

What unique experiences does IP GUANGDONG offer at the APEC media center? Here is a first look.

Bringing Guangdong’s hospitality to the front lines of reporting

Openness, innovation and cooperation are the three priorities for the APEC China 2026, and they also reflect Guangdong’s approach to welcoming guests. Through “A Home for Asia-Pacific Friends,” IP GUANGDONG is using the occasion to build friendships and offer thoughtful, welcoming services to journalists from around the world. Reporters coming to Shenzhen may be unfamiliar with the city, find it hard to source material, have little space to film on camera or lack equipment, so IP GUANGDONG has set up a range of support services in the themed space.

IP GUANGDONG is a shared platform for Guangdong’s international image, and its library holds more than 50,000 high-quality images and videos from and about the province. Its “Visual Content Station,” located within the themed space, allows Chinese and international journalists to quickly purchase and license high-quality images and footage of Guangdong, providing a one-stop solution to difficulties in sourcing content and uncertainty over usage rights.

In the age of new media, news production moves at almost lightning speed. With a Pocket camera in one hand and a microphone in the other, a single reporter can gather and edit news right at the scene.

To support this way of working, IP GUANGDONG has teamed up with its partner DJI to set up a dedicated DJI service station, where Chinese and international journalists can borrow Osmo Pocket 4 cameras. Reporters can register on site with valid media credentials and borrow a camera for their reporting. During breaks, they can also capture the beauty and variety of Shenzhen, sharing their images with the world through IP GUANGDONG.

Discovering and sharing stories behind Guangdong products

Guangdong goods have continued to attract attention online and offline this year. Their global reach is underpinned not only by Guangdong’s strength in smart manufacturing, but also by the cultural appeal embedded in its products. Every Guangdong product has a story worth telling. Drawing on this rich source of news stories, IP GUANGDONG has teamed up with its partners to display a diverse selection of finely crafted Guangdong products at the themed space’s service counter, giving journalists a place to discover local creations and find inspiration.

Reflecting the current boom in designer collectible toys, IP GUANGDONG is showcasing a range of representative designer toy brands and characters from Guangdong. Highlights include dolls featuring Xiyangyang and Lerongrong, the mascots of the 15th National Games, who have just turned two. Also on display are 3D metal puzzles from Piececool and original characters Laura and the panda Mr. PA from ToyCity. Both companies behind these two brands are based in Dongguan, known as China’s designer toy capital. Also featured are Guangdong’s “three teas”: Yingde black tea, Chaozhou Dancong tea and Zijin cicada tea. Rich in positive symbolism, they offer a vivid introduction to Lingnan culture.

By introducing the products on display in this compact showcase, IP GUANGDONG will work with visiting journalists to explore the stories behind them and share with the world the message that “Guangdong products make the world better.”

Exploring Guangdong without leaving the venue

The IP GUANGDONG themed space also invites visitors to enjoy interactive experiences. Between assignments, journalists can relax and take away their own memories of Guangdong from the APEC China 2026.

At the center of the space, IP GUANGDONG has installed a photo booth where journalists can create personalized postcards featuring Guangdong’s landmarks and scenery. Visitors simply step inside, have their photo taken and choose their favorite Guangdong backdrop. Their custom postcard is generated on the spot, taking them on a virtual tour of the province without leaving the venue.

All 16 landmark images were captured by IP GUANGDONG creators. They include Zhao Junhui’s photograph of the Shenzhen International Exchange Center, the main APEC meeting venue; Liu Shihui’s image of Danxiashan in Shaoguan; Luo Jinping’s view of the “Sea of Pineapples” in Zhanjiang; and Qiu Xuqing’s photograph of the Zhongshan Memorial Pavilion in Shantou Small Park. Each image reveals a different facet of Lingnan’s beauty and reflects the platform’s vision: “Everyone creates, everyone showcases, everyone shares.”

IP GUANGDONG has also prepared 2,000 surprise gift bags for Chinese and international journalists. The bags contain Guangdong specialty snacks, everyday essentials, small cultural and creative gifts, and postcards from the “Snacks of Guangdong” series illustrated by guest contributor XiaoLin Comics. These gifts bring an element of surprise and fun to journalists’ day.

A space to connect: Say “Hello, friend!”

The APEC media center is both a place for Chinese and international journalists to work efficiently and a setting for face-to-face conversation and for sharing observations and experiences. The IP GUANGDONG themed space includes a dedicated area for interviews, discussions and cultural exchanges.

As visitors enter, they are greeted by the words “Hello, friend!” in 12 major languages used across APEC member economies.

On the columns flanking the space, IP GUANGDONG and Chinese tech brand HONOR present “Home Through the Lenses of Asia-Pacific Creators,” a collection of photographs created collaboratively by contributors from around the world. Images from across the Asia-Pacific are displayed alongside scenes of Lingnan, bringing different cultures into conversation through photography.

On the way from the work area to the dining area, journalists can enjoy a calming visual interlude at “Asia-Pacific Perspectives: Impressions of Guangdong,” an illustration exhibition jointly produced by IP GUANGDONG and China Daily. It features 40 selected works by illustrators from APEC member economies, including China, the US, Russia, Japan, Singapore and Indonesia. Guangdong’s streets and lanes, natural landscapes and the warmth of the Asia-Pacific family come to life in their illustrations. Journalists are invited to slow down, glimpse one another’s lives in familiar scenes, unwind and feel a little closer.

Don’t miss out! It’s giveaway time!

How to claim your IP GUANGDONG surprise gift bag

Dates and times: November 11–19, 9:30 a.m.–12:30 p.m. and 2:00–6:00 p.m.

How to claim: Scan the QR codes to follow IP GUANGDONG’s WeChat Official Account and WeChat Channels account. Then scan the registration QR code to join the platform and upload your first snapshot to receive a surprise gift bag.

Availability: Limited to 200 bags per day, on a first-come, first-served basis.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ip-guangdong-debuts-at-the-media-center-of-apec-economic-leaders-week-302939601.html

SOURCE South

Continue Reading

Technology

The First Cartridge-Free Smart Waterless Diffuser Is Here. What Would You Fill It With?

Published

9 hours ago

on

November 14, 2026

By

Lephrone set out to solve a frustration for customers who want smart control over their home fragrance and the freedom to choose their own oils. The H300 is the first waterless diffuser to combine cartridge-free refills, Wi-Fi app control, smart home integration, and an in-app fragrance oil library with scanning and personal notes. Customers can use their favorite compatible oils, create their own blends, and use the app to set a scenting schedule and track how much oil is left.

NEW YORK, Nov. 14, 2026 /PRNewswire-PRWeb/ — “There are thousands of fragrance oils out there, so why lock yourself into just one brand?” said a Lephrone developer.

“Lephrone took the best of the diffuser world and left the worst behind.”

We wanted to make a device for people who need a ritual to unwind and want more control over their surroundings. There’s a whole world of sensory experiences out there, and our goal was to bring the way you manage scent at home into the digital world.

With the H300 lephrone diffuser, we kept what we liked about smart cartridge-based diffusers: Wi-Fi connectivity, lephrone app, voice control, and the ability to recognize oils and track how much is left. We made sure it supports both 2.4 GHz and 5 GHz Wi-Fi. We also did away with what frustrated us most: never-ending subscriptions, cartridges that run out too quickly, and limits on which oils you can use. With the H300, you get to choose the oils you want and create blends you love.

We also added support for multiple users and multiple diffusers, so everyone in the household can control the devices and set schedules. The H300 can run even when it’s offline.

We’re releasing our own fragrances, too. In the app, you can scan them into your personal fragrance library and write down how a scent made you feel, whether you liked it, and what others at home thought of it. That matters because after trying a few oils, it’s easy to forget which one you loved most or which one everyone else kept asking for.

We’re rolling this out to more Lephrone models next. Stay tuned.

Media Contact

Elina, Lephrone, 1 6463844148, info@lephrone.com, Lephrone

View original content to download multimedia:https://www.prweb.com/releases/the-first-cartridge-free-smart-waterless-diffuser-is-here-what-would-you-fill-it-with-302939367.html

SOURCE Lephrone

Continue Reading

Trending