Purpose extends digital portfolio by acquiring CreditGenie
Canadian company Purpose Financial has extended its digital services by acquiring fully digital alternative payment solution CreditGenie, reports Jane Connolly.
“A natural extension of our Banking Solutions platform”
Toronto-based CreditGenie helps SMEs in the retail, healthcare and education sectors to increase their customers’ purchasing power, by enabling instant credit adjudication at the point-of-sale.
Since it was founded in 2016, CreditGenie has partnered with nearly 500 merchants in 12 Canadian provinces and territories.
Som Seif, CEO of Purpose, says: “Purpose is singularly focused on driving innovation in Canada’s financial services industry. CreditGenie, with its innovative point-of-sale financing solution, represents a natural extension of our Banking Solutions platform.”
This latest deal follows Purpose’s investment in banking-as-a-service technology platform provider Ario and its acquisition last year of small business financing provider, Thinking Capital – both of which are fellow Canadian businesses.
Purpose is a portfolio company of the growth equity investment arm of Canadian pension fund OMERS.
