Propel Holdings Sets New Records Amid Economic Uncertainty
Toronto-based Propel Holdings delivered a stellar first quarter in 2025, reporting revenue of $138.9 million-a 44% jump from last year-and net income soaring 79% to $23.5 million. CEO Clive Kinross highlighted that this record performance came during the company’s typically slowest quarter, underscoring strong demand from consumers underserved by traditional credit markets. Propel’s strategic moves, including the acquisition of UK fintech Quidmarket and partnerships with Koho Financial, are fueling growth and expanding its lending footprint.
Thinkific Labs Posts Modest Gains with Positive Turnaround
Vancouver’s Thinkific Labs showed steady progress with a 12% increase in Q1 revenue to $17.8 million and a swing to $400,000 net income from a loss the previous year. The company credits growth to a surge in subscription-based annual recurring revenue (ARR), which jumped from $1.8 million to $60.1 million, alongside a 52% rise in commerce revenue. CFO Corinne Hua expressed confidence in the company’s focused strategy and upcoming product launches aimed at boosting long-term shareholder value.
Contrasting Paths: Propel’s Rapid Expansion vs. Thinkific’s Recovery
Founded in 2011, Propel has leveraged its AI-powered platform and strategic acquisitions to capitalize on tightening credit conditions, achieving record originations funded at $154 million in Q1. Meanwhile, Thinkific, launched in 2012, has navigated economic headwinds and workforce reductions in recent years but is now regaining momentum through product innovation and improved customer onboarding.
Looking Ahead: Growth and Innovation on the Horizon
Both companies remain optimistic. Propel expects continued growth driven by challenges in conventional credit markets, while Thinkific plans major product and marketing campaigns this summer to accelerate its transformation. Investors are watching closely as these Canadian tech firms chart their distinct courses in 2025’s evolving landscape.
