Purpose acquires Toronto tech firm

CEO Som Seif hails 'natural extension' of its platform as 2016 start-up joins the fold

Purpose acquires Toronto tech firm

Purpose Financial has announced the acquisition of CreditGenie Inc., a Canadian technology company that aims to disrupt the point-of-sale financing experience for merchants and consumers.

CreditGenie, based in Toronto, was founded in 2016 by entrepreneurs Alex Kaplunov and Daniel Shain. The company supports Canadian small and medium-sized businesses by providing a fully digital alternative payment solution, enabling their customers to increase purchasing power through instant credit adjudication at the point-of-sale. Since its founding, CreditGenie has grown significantly, partnering with nearly 500 merchants across a broad range of industries in 12 Canadian provinces and territories.

The acquisition of CreditGenie follows Purpose’s investment in the building of Ario, a Toronto-based banking-as-a-service technology platform provider, and its March 2018 acquisition of Thinking Capital, Canada’s leading alternative small business financing provider.

“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,” said Som Seif, CEO of Purpose. “Alex and Daniel are highly talented entrepreneurs, and we are excited to bring them into the Purpose family and to help accelerate the company’s development and growth.”

Kaplunov added: “Purpose’s commitment to innovation in the financial services industry was a major deciding factor as we sought a partner to support our growth. We see tremendous synergy potential with Purpose and its business units, and are confident having Purpose as a partner will help us accelerate our expansion across Canada and the US."

Shain said: "Purpose is aligned with the vision we have for CreditGenie and recognizes the wide, white-space opportunity our business is focused on addressing. We look forward to working with the management teams at Purpose and its operating subsidiaries to continue to drive innovation in this market and expand access to our solution to more merchant partners and consumers.”