07:44 AM EDT, 04/09/2024 (MT Newswires) -- Fintech Propel Holdings (PRL.TO), which saw its shares jump 13.3% yesterday, on Tuesday announced its launch of Fora's Payment Protection Plan, a digital credit insurance product offered in partnership with Walnut Insurance and underwritten by Trans Global Insurance and Trans Global Life Insurance Company The program is available in eight provinces across Canada.

Propel, which facilitates access to credit for underserved consumers, says this insurance product, the first offered under one of its operating brands, gives Fora customers access to a "compelling" value proposition to safeguard against unexpected financial curveballs. The insurance benefits may cover a customer's balance payments to Fora in the case of events such as job loss, loss of life or critical illness.

"Fora's Payment Protection Plan offers our customer peace of mind, which reflects our broader mission of advancing the financial opportunity of underserved consumers. For Propel it also represents a new revenue stream in Canada and is part of our overall growth strategy of offering our existing customers complementary products aligned with Propel's core purpose," said Noah Buchman, President & Chief Revenue Officer.