Purpose Financial to acquire small business lender Thinking Capital Financial - InfoNews

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Purpose Financial to acquire small business lender Thinking Capital Financial

March 09, 2018 - 5:38 AM

TORONTO - Financial services firm Purpose Financial LP has signed a deal to acquire financial technology startup Thinking Capital Financial Corp., a lender to small business.

Terms of the deal, which includes a combination of cash and securities, were not immediately available.

Purpose Financial says the agreement will create a business with significant balance sheet strength, strong financial backing and a diversified funding model.

Thinking Capital is expected to keep its headquarters in Montreal and all of its employees will remain with the company.

Jeff Mitelman, CEO and co-founder of Thinking Capital, will also become a managing partner of Purpose Financial and hold a meaningful equity position in Purpose Financial alongside existing investor TorQuest and Thinking Capital's management.

Purpose Financial is the parent company to Purpose Investments, Purpose Advisor Solutions and Purpose Innovation Labs.

News from © The Canadian Press, 2018
The Canadian Press

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