On September 26, 2024, Propel Holdings Inc. (TSX: PRL) entered into a definitive agreement to acquire Stagemount Limited, operating as QuidMarket, for US$71 million (C$96 million) in an all-cash transaction. Propel, a Toronto-based fintech firm focused on underserved consumers, aimed to accelerate its global expansion through this acquisition, gaining a foothold in the UK market. QuidMarket, founded in 2011, was a leading digital lender in the UK, specializing in credit for underserved consumers.

The acquisition was expected to be immediately accretive to Propel's 2024 and 2025 earnings. QuidMarket’s management continued to operate the business. Propel planned to fund the purchase through a concurrent bought deal equity offering of subscription receipts, expected to raise approximately C$100 million (US$74 million).

The deal is expected to close by Q1 2025, pending regulatory approvals. Canaccord Genuity Corp. acted as exclusive financial advisor to Propel. Legal advisors included Stikeman Elliott LLP and A&O Shearman for Propel, while QuidMarket was advised by Nelson Mullins Riley & Scarborough LLP, Fogler Rubinoff LLP, and Walker Morris LLP. Blake, Cassels & Graydon LLP represented the underwriters for the offering.