Som Seifs Purpose Financial is buying small business lender Thinking Capital

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.ETF pioneer Som Seif to announce acquisition, new investor in plan to quintuple assets at PurposeThinking 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. read more