Purpose Financial secures $53.5 million CAD investment from Allianz X Toronto FinTech company Purpose Financial has secured $53.5 million CAD from Allianz X, with the German investor acquiring a minority stake in the company. The transaction remains subject to regulatory approval. UPDATE 01/02/2021: Allianz X’s investment in Purpose Finacial officially closed as of March 1, 2021. Allianz X is the digital, FinTech-focused investment unit of Allianz Group, a global insurance and asset management firm. Allianz joins existing Purpose investors OMERS and TorQuest. Purpose Financial plans to use the capital to accelerate its growth and fund product development.
Founded in 2013, Purpose Financial is a financial services company that provides investors, wealth advisors, portfolio managers, entrepreneurs and SMBs with asset management, wealth management, banking tools. Purpose’s core businesses include Purpose Investments, its asset management division, Purpose Advisor Solutions, its wealth-as-a-service platform, and Thinking Capital, its small business lending system.