Purpose Financial LP announced March 9 that it is acquiring Thinking Capital Financial Corporation, a fintech lender to small business.
"Purpose Financial has an unrelenting focus on building innovative, technology-driven financial solutions," said Som Seif, chief executive officer, Purpose Financial. "Thinking Capital is a clear leader in the small- to medium-sized (SME) business lending space, with credit adjudication technology and presence that are unmatched in the Canadian market. This acquisition brings together leading origination, asset management, and technology platforms as a unified entity, and enables us to bolster our product capabilities and optimize the technology, distribution, and funding model of our combined business."
Retaining Montreal headquarters
Thinking Capital will retain its headquarters in Montreal, as well as all of its employees following the acquisition. The CEO and co-founder of Thinking Capital, Jeff Mitelman, will become a managing partner of Purpose Financial.
"While 98 per cent of businesses in Canada are small businesses, many have limited access to capital to fund their growth. As an early innovator in this market, we have spent the last decade evolving the language of small businesses credit," said Mitelman. "Under the Purpose Financial umbrella our time to market on product innovation and funding capacity will be greatly amplified. We look forward to the new possibilities our union will bring to the small business community."