Clive Kinross, CEO of Propel Holdings, on building a profitable fintech lender with just $4 million

Today I'm delighted to be joined by Clive Kinross, CEO and co-founder of Propel Holdings (https://www.propelholdings.com/) . Propel is one of the most successful fintech lenders serving underbanked consumers, and what makes their story particularly compelling is how they've achieved it: profitably, almost from day one.  Since founding the company 14 years ago with just $4 million in capital, Clive and his three co-founders, who are all still with the company, have built a business that now serves a market of 100 million consumers across the US, Canada, and the UK. The company went public on the Toronto Stock Exchange in 2021 and has been the best-performing stock in its vintage. In our conversation, Clive shares how his background as a chartered accountant shaped his disciplined, unit economics-focused approach to building a lending business, how Propel uses AI to analyze over 80,000 applications daily and make credit decisions in six seconds, and why he believes the opportunity to serve underbanked consumers in developed economies has never been stronger. In this podcast you will learn: • Why Clive decided to tackle credit for his second major business. • How the company has evolved since its founding 14 years ago. • The different brands they have in the US, Canada and UK markets. • How their credit graduation programs work. • The typical consumer coming to Propel for credit. • How they differentiate themselves from others in the market. • How their AI models work and the data they are feeding into these models. • How Clive views the potential of AI throughout Propel’s business. • Why he decided to take Propel public in 2021. • How they were able to become a profitable fintech lender quickly and sustainably. • What Clive is most excited about for the future of Propel. Connect with Fintech One-on-One: • Tweet me @PeterRenton (  / peterrenton  ) • Connect with me on LinkedIn (  / peterrenton  ) • Find previous Fintech One-on-One episodes (https://fintechoneonone.com/)