Purpose Financial (Purpose) has acquired CreditGenie, a Canadian technology company that aims to support 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.
CreditGenie, based in Toronto, was founded in 2016 by entrepreneurs Alex Kaplunov and Daniel Shain, currently partners 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,” says 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 US,” said Alex Kaplunov.
“Purpose is aligned with the vision we have for CreditGenie and recognises the wide, white-space opportunity our business is focused on addressing,” adds 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.”
