Purpose Financial is acquiring Thinking Capital Financial Corporation, a Canadian fintech lender to small business, for a combination of cash and securities.
The amount of the deal was not disclosed.
Launched in 2006, Thinking Capital provides a technology-driven SME lending platform which has enabled more than 14,000 business owners to obtain capital to grow their business.
Led by entrepreneur Som Seif, Purpose Financial is an independent financial services company with a focus on customer-centric innovation, delivered through technology-driven solutions. The company, which is developing a diversified product platform aimed at addressing historically underserved segments of the market, operates Purpose Investments, Purpose Advisor Solutions, and Purpose Innovation Labs.
Following the transaction, Thinking Capital will retain its headquarters in Montreal and all employees will remain with the company. Jeff Mitelman, CEO and co-founder, will become a Managing Partner of Purpose Financial and will retain an equity position in Purpose Financial alongside existing investor TorQuest and Thinking Capital’s management.