Canadian financial services firm Purpose Financial has acquired CreditGenie Inc, a Toronto-based digital alternative payment solution.
No financial terms were disclosed.
Founded in 2016 by Alex Kaplunov and Daniel Shain, CreditGenie helps small and medium-sized businesses in the retail, healthcare and education sectors to extend financing to their customers for large purchases. It partners with nearly 500 merchants across Canada.
Purpose CEO Som Seif said CreditGenie’s point-of-sale financing solution “represents a natural extension of our Banking Solutions platform.”
Purpose is a portfolio company of OMERS Growth Equity, the recently launched growth equity investment arm of OMERS. The Canadian pension fund acquired a minority stake in 2017.
Photo: Som Seif, founder and CEO of Purpose Financial LP.
Purpose Financial Announces the Acquisition of CreditGenie Inc.
TORONTO, May 27, 2019 (GLOBE NEWSWIRE) — Purpose Financial (“Purpose”) today announced the acquisition of CreditGenie Inc. (“CreditGenie”, or the “Company”), 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, the Company 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, Chief Executive Officer 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.”
“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 U.S.,” said Alex Kaplunov.
“Purpose is aligned with the vision we have for CreditGenie and recognizes the wide, white-space opportunity our business is focused on addressing,” added Daniel Shain. “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.”
About CreditGenie Inc.
CreditGenie provides a digital solution to SMEs in the retail, healthcare and education sectors to help them extend financing to their customers for large purchases. The company helps businesses acquire new customers and increase their average spend, by offering the ability to split purchase amounts into affordable instalments through instant credit approvals. The solution is free of charge for a business to use, requires no integration, and ensures a seamless checkout experience, allowing SMEs to operate business-as-usual.
About Purpose Financial
Purpose Financial is an independent financial services company with an unrelenting focus on customer-centric innovation, delivered through technology-driven solutions. Led by entrepreneur Som Seif, the company is developing a diversified product platform aimed at addressing historically underserved segments of the market. Purpose Financial’s businesses includes Purpose Investments, Purpose Advisor Solutions, Purpose Banking Solutions, which includes Thinking Capital and Ario, and Purpose Strategy & Innovation Labs, its fintech innovations group.
For further information please contact:
Purpose Investments Inc.