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 U.S. 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 license, Propel Bank allows for an expanded presence in existing and new markets.