Purpose Financial to acquire small business lender Thinking Capital Financial

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.