Stake Purchase • Financial Services

Allianz X Invests In Purpose Unlimited

On February 10, 2021, corporate investor Allianz X invested in financial services company Purpose Unlimited

Investment Context
  • This is Allianz X’s 5th transaction in the Financial Services sector.
  • This is Allianz X’s 3rd transaction in Canada.
  • This is Allianz X’s 2nd transaction in Ontario.

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Investment Summary

Date February 10, 2021
Target Purpose Unlimited
Sector Financial Services
Investor(s) Allianz X
Deal Type Stake Purchase

Target Company

Purpose Unlimited

Toronto, Ontario, Canada
Purpose Unlimited is a financial services company focused on customer-centric innovation through technology-driven solutions. Its platform equips entrepreneurs and small- to medium-sized businesses with tools to advance modern asset management, wealth management, and banking technology. Purpose Unlimited was founded in 2013 and is based in Toronto, Ontario.
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Investor Overview 1

Investor

Allianz X

Investor Investor Investor Investor Investor


Category Corporate Investor
Founded 2013
PE ASSETS 1.7B EUR
Size Large
Type Sector Focused
DESCRIPTION

Allianz X is the growth-oriented investment arm of Germany insurance and financial services company Allianz Group. Allianz X looks to invest in and acquire expansion stage financial and insurance technology companies throughout the world. The Firm has special interest in businesses that can benefit from Allianz's expertise and global reach. Allianz X was formed in 2013 and is based in Munich, Germany.


Deal Context for Investor #
Overall 24 of 30
Sector: Financial Services 5 of 6
Type: Stake Purchase 1 of 2
State: Ontario 2 of 2
Country: Canada 3 of 3
Year: 2021 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-01 Lemonade

New York, New York, United States

Lemonade is a licensed insurance carrier, offering homeowners and renters insurance powered by artificial intelligence and behavioral economics. By replacing brokers and bureaucracy with bots and machine learning, Lemonade promises zero paperwork and instant everything. And as a Certified B-Corp, where underwriting profits go to nonprofits, Lemonade is remaking insurance as a social good, rather than a necessary evil. Lemonade was formed in 2015 and is based in New York, New York.

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FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-08 WeLab

Hong Kong, China

WeLab is a provider of online lending and digital banking solutions in China and Southeast Asia. WeLab services include digital banking services and loans for private customers, a digital lending platform to connect lenders and borrowers, as well as a number of technology-driven services to support financial institutions in their lending processes. WeLab was founded in 2013 and is based in Hong Kong, China.

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