Propell has delivered a record May, growing its customer base and lending to record levels.

Aussie finance platform Propell Holdings (ASX:PHL) has just had its best month ever, growing its customer acquisitions and lending in record numbers.

In May, Propell passed 2,000 customers on its platform, which was a 20.1% increase on Q3, and a massive 428% increase since May 2021.

The platform’s lending was also at record levels in May, with total originations of over $1.2 million.  That represents a 34% jump on April, and is 17% higher than the previous record month posted in March.

The company is on track for a record quarter, and expects to deliver its sixth consecutive quarter of greater than 30% QoQ growth.

The launch of Business Loans

Propell’s strong growth has been supported by its newly launched line of credit product, Business Loans.

This product provides a fixed dollar amount over a fixed term that can be used for specific business purposes like buying assets or equipment.

With the addition of Business Loans, Propell says its customers now have more choice and access to capital to operate and grow in the way they want.

The Business Loan product also allows customers to have increased flexibility with existing line of credit facilities as well as fixed term loans at competitive rates.

Initially the Business Loan product will be launched as an unsecured product, however over time the company will add a secured product collateralised with an asset.

The product launch of Business Loans was another key milestone for Propell, as it continues to enable fast and simple access for SMEs to the finance products needed to operate and grow.

IPO target reached

Propell also continued to see strong growth in its average loan size, to greater than $20,000,  having increased by 20% month on month, and by 48% in Q3.

This has surpassed PropelI’s IPO commitment by a good nine months ahead of estimate.

Propell also has a current Entitlement Offer open to existing shareholders to raise up to $2.22 million via a 1:2.5 non-renounceable at $0.058 per share.

Funds raised will be used to support an increase in the company’s lending facility, and drive ongoing organic growth through working capital.

CEO Michael Davidson will be holding a live and interactive investor briefing on Monday 6 June at 1pm (AEST). Click here to book in.

This article was developed in collaboration with Propell Holdings, a Stockhead advertiser at the time of publishing.

 This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.