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Purpose Financial Acquires CreditGenie to Accelerate Expansion Across US/Canada.

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MANews-(C)2009-2019

29 May 2019 - Canada-based financial services firm Purpose Financial has acquired Canadian technology company CreditGenie Inc. that aims to disrupt the point-of-sale financing experience for merchants and consumers, the company said.

Terms of the transaction were not disclosed.

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.

CreditGenie said having Purpose as a partner will help accelerate expansion across Canada and the US.

CreditGenie Inc. provides a digital solution to SMEs in the retail, healthcare and education sectors to help them extend financing to their customers for large purchases.

The company helps businesses acquire new customers and increase their average spend, by offering the ability to split purchase amounts into...

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