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.
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.