Canada's Purpose Financial has acquired local POS financing startup CreditGenie, continuing its roll-up of startups operating in underserved consumer banking markets.
Based in Toronto, and founded in 2016 CreditGenie offers small and medium-sized businesses the opportunity to offer credit installment purchases to consumers at the point-of-sale. The company currently services 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 alternative small business financing provider.
CEO Som Seif says the purchase of CreditGenie is in line with Purpose's aim of developing a diversified product platform aimed at addressing historically underserved segments of the market.
“Purpose is singularly focused on driving innovation in Canada’s financial services industry," he says. "CreditGenie, with its innovative point-of-sale financing solution, represents a natural extension of our Banking Solutions platform.”