OMERS-backed Purpose Financial acquires CreditGenie
Canadian financial services firm Purpose Financial has acquired CreditGenie Inc, a Toronto-based digital alternative payment solution. Terms weren't 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 solution "represents a natural extension of our Banking Solutions platform." Purpose is a portfolio company of OMERS Growth Equity, the recently launched growth equity arm of OMERS. The Canadian pension fund acquired a minority stake in 2017.
27 May 2019•3 mins read
