Allianz will receive a minority stake in the financial services technology provider after agreeing to invest $42.2m in funding.
Allianz X, an investment subsidiary of insurer Allianz, plans to make a C$53.5m ($42.2m) investment in Canada-based financial services technology provider Purpose Financial.
The deal, which is subject to regulatory approval, will see a member of Allianz X join the company’s board of directors.
Founded in 2013, Purpose Financial has built three business units covering separate areas of the financial services sector.
Through its Purpose Investments subsidiary, the company offers an online investment platform for entrepreneurs and small and medium-sized…
