Purpose Financial
Purpose Financial, acquired by Grupo Elektra in 2012, is an innovative consumer financial services company dedicated to improving financial mobility and stability for underbanked customers. Founded in 1997 as Advance America, it operates over 800 locations across 23 states and employs more than 2,500 people.
Company History
Purpose Financial is an innovative consumer financial services company that originated as Advance America in 1997. Over its 25-plus years in business, the company has grown significantly, currently employing over 2,500 people and operating more than 800 store locations across 23 states. In 2012, Purpose Financial was acquired by Grupo Elektra, a leading Latin American provider of banking services and consumer finance. In 2020, the company rebranded to its current corporate identity, Purpose Financial.
Services
Purpose Financial offers a variety of innovative credit solutions and resources designed to improve financial mobility for customers. These services are provided through its family of brands, including Advance America and Purpose Money. The company's mission is to help customers achieve financial stability in both the present and the future. It specifically targets individuals who lack access to traditional savings and credit, are underbanked, or are looking to improve their financial standing.
Products
Under the corporate umbrella of Purpose Financial, the company has launched various products aimed at improving financial accessibility. In 2024, Purpose Financial introduced Purpose Money, expanding its range of consumer financial services. These products are aimed at customers who are underbanked or looking for better financial footing, offering them credit solutions and educational resources to empower their financial decisions.
Community Initiatives
Committed to making a positive social impact, Purpose Financial supports a range of community organizations and national foundations. The focus is on academic achievement, job training, and financial literacy. Over the last decade, Purpose Financial has invested over $10 million in community programs and partnerships. This commitment is part of the company's broader mission to empower its customers and improve financial stability within the communities it serves.
Acquisition by Grupo Elektra
In 2012, Purpose Financial was acquired by Grupo Elektra, enhancing its capabilities and reach. Grupo Elektra is one of the largest providers of banking services, consumer finance, and specialty retailing in Latin America. This acquisition has helped Purpose Financial to leverage Grupo Elektra's extensive experience and resources in the financial sector, allowing it to provide more comprehensive services to its customers.