Propell Holdings Limited announced the launch of its new, in-house lending product and strong early results following its trial deployment. Following the ongoing success of Propell's Line of Credit products (6 month and 12 month) and consistent feedback from the Customers, Propell has developed a new lending product on the Platform, called Business Loans, that provide 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 as a new product the customers now have more choice and access to capital to operate and grow in the way they want.

Customers now have increased flexibility with of existing Line of Credit facilities, or fixed term loans at competitive rates with the new Business Loan product. Initially the Business Loan product will be launched as an unsecured product however over time the company will add a secured Business Loan product. The new Business Loan leverages Propell's existing leading credit decisioning engine and broader loan management system, key components of its proprietary financial services Platform.

Key Features: NEW BUSINESS LOAN: Ideal for: Fixed term with lower rate Generally accessed for funding purchases of assets Eg. Purchase of essential equipment, longer-term assets; Amount: $5,000 - $250,000; Duration: 12 months; Fee: Transparent fee structure No application, draw down Fee for early repayment fees. LINE OF CREDIT: Ideal for: Highly flexible Generally accessed for working capital requirements Eg.

Purchase of stock, sales and marketing campaigns; Amount: $2,000 - $250,000; Duration: 6 or 12 months; Fee: Transparent fee structure No application, draw down or early repayment fees; Application process: Propell's simple & fast, 100% digital, paperless journey; Credit model: Propell's proven credit model; Platform benefits: Access to full suite of Platform Lending, Payments and Business Insights tools. Encouraged by the results of the recent expansion to Propell's suite of lending products and significant demand from existing customers, the Company has launched the new Business Loan product into market (to existing customer first). The launch is important as it continues to build on Propell's core proposition, further enabling fast and simple access for SMEs to the finance products needed to operate and grow.

Given its characteristics - larger average loan size and target segment demand - this represents a new revenue line that is expected to contribute materially to the business. It is important to note the extensive platform developments throughout H1 FY22 enabled delivery of this product and allow for further product launches with very low technical and operational overhead.