Allianz X invests $53.5M in Purpose Financial

German company Allianz X has signed a deal to take a minority stake in Canadian financial technology firm Purpose Financial.

Purpose Financial says the digital investments arm of German financial services giant Allianz Group is investing $53.5 million.

It says the investment will be used to speed growth and expand product development.

A member of Allianz X is expected to join the Purpose Financial board of directors.

Purpose Financial’s businesses include Purpose Investments, Purpose Advisor Solutions and Thinking Capital.

Purpose Financial chief executive Som Seif says the partnership will provide the company with additional resources and expertise to accelerate its growth.

The Canadian Press

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