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Purpose Financial buys Toronto-based POS financing firm Credit Genie

Purpose Financial, a Toronto-based financial services firm, has acquired CreditGenie Inc., a firm that specializes in point-of-sale financing in the retail, healthcare and education sectors.

Credit Genie, founded in 2016, provides digital POS installment financing for more than 500 merchants across 12 provinces in Canada, according to a press release

"Purpose is singularly focused on driving innovation in Canada’s financial services industry," Purpose CEO Som Seif said in the release. "CreditGenie, with its innovative point-of-sale financing solution, represents a natural extension of our banking solutions platform."

He said that Purpose will bring CreditGenie founders Alex Kaplunov and Daniel Shain into the company to help with future development.

The acquisition marks the third significant move by Purpose Financial to bolster its payments and financial business. In March 2018, the company acquired Thinking Capital, an online small business finance company.

In November 2018, Purpose invested $10 million in Ario, a Toronto-based banking-as-a-service firm that provides white-label digital lending solutions to banks, credit unions and other financial institutions.