On February, 26, 2021, Allianz X completed its $53.5 million investment in Purpose Financial. The proceeds from the investment will be used to accelerate growth and expand product development, and is the first step in a strategic cooperation between Purpose Financial and Allianz X to leverage expertise and develop partnership opportunities.
Purpose Financial is a financial services company with a core focus on asset management, wealth management and small business financial technology.
Allianz X is a venture capital firm focused on investments in technology companies operating in the insurance and financial services ecosystem.
Osler, Hoskin & Harcourt LLP advised Purpose Financial with a team consisting of Andrew Aziz, Kai Sheffield, Bradley Lastman, Jonathan Lee (Corporate) and Christopher Sheridan (Tax).