Propel Holdings Gains Puerto Rico Approval to Launch Propel Bank, Expanding Its Fintech–Bank Hybrid Model
For years, fintechs have been inching closer to the bank charter line—sometimes tiptoeing, sometimes sprinting, often stopping just short due to regulatory complexity. Propel Holdings, a Toronto-based fintech focused on providing credit access to underserved consumers, has now crossed a meaningful threshold: it has secured approval from Puerto Rico’s Office of the Commissioner of Financial Institutions (OCFI) to establish Propel International Bank, Inc., or simply Propel Bank.
