Purpose Financial LP (the parent company of Purpose Investments, Purpose Advisor Solutions and Purpose Innovation Labs) is acquiring Thinking Capital Financial Corporation.
Purpose Financial plans to snap up the fintech lender to small business for a combination of cash and securities. The purchase fits into Purpose Financial’s growth strategy and desire to drive innovation in financial services, a Friday release says.
Together, the two companies “will create a business with significant balance sheet strength, strong financial backing, and a diversified funding model,” the release says.
Som Seif, CEO of Purpose Financial, says the acquisition brings together leading origination, asset management and technology platforms.
Thinking Capital, which was founded in 2006 and has offices in Toronto and Montreal, has “partnerships with banks, payment processors, credit bureaus, and leading brands.”
Following the acquisition, the lending company will keep its headquarters in Montreal and all employees will remain with the company. Jeff Mitelman, a co-founder and currently the CEO, will become a managing partner of Purpose Financial.