Fintech Propell propels up by more than 50 per cent on partnership with Square

Shares in intelligent finance solutions provider Propell (ASX: PHL) have shot up more than 50 per cent this morning on news the fintech has partnered with Square (NYSE: SQ) to integrate its e-commerce payments into the Australian platform.

At the time of writing, PHL shares are trading 47.9 per cent higher than yesterday’s closing share price of $0.14 per share, but were up by as much as 65 per cent earlier in the day as investors clamoured for a slice of the growing Brisbane-based fintech.

The listed SME focused company says the addition of Square on its platform gives Propell customers greater flexibility in getting paid, improving both the user experience and cashflow.

“I am delighted to be announcing our platform partnership with Square, which we are confident will further improve the Propell platform and customer proposition, underpinning continued growth,” Propell CEO Michael Davidson said.

“A key focus at Propell is to help our customers to better understand and manage their finances and provide access to products and services to improve their cashflow. The partnership with Square will help enable these improvements.”

The partnership is expected to give businesses of all sizes and types access to one of Australia’s most used payment tools.

The two will work together to provide e-commerce payments to businesses in industries such as retail, food and beverage, hair and beauty, professional services, and home and repair.

“Square’s core principle is to help businesses of all types and sizes participate and thrive in the economy,” Square Australia head of partnerships Shawn Johnson said.

“Whether online, in person, or both, we make it simpler for businesses to take payments, access capital to support their growth or use tools to help run their business.

“Partnering with Propell enables businesses on the platform to have greater choice of how they get paid, but also gives them the ability to make the most of our powerful online payments capabilities.”

Shares in PHL are up 47.9 per cent to $0.14 per share at 10.38am AEST.