Purpose Financial, which claims to be building the next generation of banking technology, has secured funding from the investment division of Allianz Group.
With this equity injection will be used to accelerate growth and the product development of its services.
As part of the deal, the two companies are forming a strategic partnership that will leverage each other’s expertise to find new opportunities.
The Canada-based FinTech platform offers software for asset management, wealth management and small business banking.
Purpose Financial claims to manage more than $10bn in assets.
Allianz SE global head of retirement and wealth propositions Cameron Jovanovic said, “Given the current macroeconomic challenges and the growing importance of providing joint life insurance and asset management solutions, this partnership is a significant opportunity for Allianz and Purpose Financial to leverage each other’s expertise in financial services and digital technology.
“Retirement is a strategic growth pillar for Allianz, and we recognize the importance of creating holistic, digitally-enabled solutions for our customers. We see the partnership with Purpose Financial as a step forward in developing the innovative capabilities necessary to tackle the broad set of opportunities and challenges in the retirement sector, both in Canada and around the world.”
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