Celebrating our 2nd Anniversary as Propel
From Evolution To Revolution…
In 2019, the leadership team saw an opportunity to create a differentiated integrated brand, service and technology proposition. A bold, purposeful and distinctive new brand was born, ‘Propel’. We haven’t looked back.
Within just one year from the rebrand, the business emerged as a Tier 1 UK lender; taking a quantum leap forward in technology and service innovation, strategic partnerships and specialist sector focus.
Recognising a huge gap in the deployment of technology innovation in the Asset Finance marketplace, Propel invested a further £1m to develop its revolutionary and disruptive ‘Propeller’ platform. It has transformed the customer experience through a frictionless, automated end-to-end digital journey and has been adopted by a number of the UK’s largest organisations and equipment brands.
Underpinned by its strong technology-driven and service-led approach, Propel signed a landmark multi-year commercial partnership with Barclays Business Banking in 2020 to offer asset finance to one million of its customers, creating the largest asset finance partnership in the UK.
In the same year, Propel launched new divisions for Agriculture, Bus & Coach and Specialist Cars sectors; headed up by leaders in their respective fields.
This year, Propel and Azets – the top ten UK accounting, tax and business advisory firm and the largest SME regional practice across Europe, announced the formation of a significant strategic partnership enabling thousands more businesses to access fast and accessible finance.
The ENABLE Funding programme from the British Business Bank will also allow us to provide more than £216m of additional finance to SMEs across the UK.
In the past two years, we have financed 16,742 customers and have achieved a Net Promoter (NPS) Score of 9.7 out of 10. In that time, we have seen our Propeller family grow from 86 to 194 and flourish.
We were delighted to have won several high profile awards in 2021, from Alternative SME Lender of the Year and Best Brand at the Credit Strategy Lending Awards, Top Vendor Specialist at the Leasing World Gold Awards, Alternative Finance Provider of the Year at the Wales Insider Dealmakers Awards and Corporate Branding at the PR Week Global Awards. We are so very proud of our team of Propellers and would like to take this opportunity to congratulate them, our customers and our partners for these amazing achievements.
While it is great to have a sense of where we’ve come from, as our brand name exemplifies, Propel is all about driving forward. We believe that enabling SMEs to emerge stronger from the pandemic will be a defining chapter for our age. We are therefore committed to extending our reach to SMEs even further in 2022 as a leader in SME asset finance, building & nurturing strong partnerships and equipping our customers to boost their performance, productivity and growth for the years ahead.