Purpose Financial has acquired CreditGenie.
Toronto’s CreditGenie was founded in 2016 by entrepreneurs Alex Kaplunov and Daniel Shain and aims to disrupt the point-of-sale financing experience for merchants and consumers.
CreditGenie 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.”