Allianz X, the digital investment unit of Allianz, has acquired a €34.5m ($41.8m) stake in the Canadian fintech Purpose Financial.
making it the second-largest external shareholder in the company. The transaction is subject to the approval of the regulatory authorities.
“Purpose Financial is well positioned for further growth in asset management and SME lending. We see various opportunities to capitalise on joint business opportunities going forward, for example in developing and distributing retirement solutions and investment products,” Alexander De Kegel, deal & project manager at Allianz X, said.