Purpose Financial

Name

Purpose Financial

Legal name

Purpose Financial, Inc.

Website

https://havepurpose.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

5,001–10,000 employees

Ownership category

akta.pro rank

Product category

Consumer Lending

NAICS

Credit Intermediation and Related Activities (522)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Large Purchase & Lifestyle Personal Loans (Unsecured Installment) (FSAKAAAG)

akta.pro secondary industries

Financial Inclusion & Basic Banking (Unbanked/Underbanked, Low-Fee Accounts) (FSABAAAL), Financial Inclusion & Consumer Empowerment (Banking Access, Credit Building) (BPAGALAJ)

Keywords

• Consumer lending services
• Payday loans
• Installment loans
• Digital banking services
• Alternative financial services

Headquarters

HQ city

Spartanburg

HQ country

United States

HQ region

North America

Offices15 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Consumer Lending: Short-term consumer loans and financial solutions offered through physical storefront locations and online channels. The company provides personalized lending solutions including payday loans, installment loans, and other credit products to underserved consumers.
2. Purpose Money Banking Services: Banking services through partnership with Central Bank of Kansas City, providing access to essential banking services without minimum balance requirements or monthly fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Purpose Financial is a consumer financial services company that provides personalized short-term credit solutions including payday loans, installment loans, and title loans through its Advance America brand across 700+ physical storefronts in 23 U.S. states and online lending channels. The company also offers digital banking services through its Purpose Money brand (in partnership with Central Bank of Kansas City) without minimum balance requirements or monthly fees, targeting unbanked and underbanked consumers.

Product overview

Purpose Financial operates as a consumer financial services company with a multi-brand portfolio architecture. The company comprises a parent corporate identity (Purpose Financial) overseeing two primary sub-brands: (1) Advance America, the flagship consumer lending brand founded in 1997 with over 800 locations across 23 states, offering personalized lending solutions such as payday loans, installment loans, and title loans; and (2) Purpose Money, launched in 2024, providing banking services without minimum balance requirements or monthly fees, with banking services provided by Central Bank of Kansas City. The company employs over 2,500 team members across more than 700 store locations in 23 states. The parent company is owned by Grupo Elektra, one of the largest Latin American providers of banking services and consumer finance.

Differentiator

Problem solved

Functional benefit

Products and services

• Advance America Consumer Lending Flagship consumer lending brand offering personalized lending solutions including payday loans, installment loans, and title loans to help hardworking individuals achieve financial stability. Serves customers through 700+ physical storefronts across 23 states and online lending channels.
• Purpose Money Banking Digital banking services brand that expands access to essential banking services without a minimum balance requirement or monthly fee. Banking services are provided by Central Bank of Kansas City, Member FDIC. Designed for underserved consumers who lack access to traditional banking.

Quantifiable outcome

• Millions of customers served over 25+ years
• +1 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Central Bank of Kansas CitycoreStrategic or Co-development PartnerCentral Bank of Kansas City provides banking services for Purpose Money brand, enabling the company to offer banking services including access to essential banking without minimum balance requirements or monthly fees to consumers.

Scale indicators8 records

Recent moves12 records

Expansion highlights6 records

Emerging players

• MoneyLion: MoneyLion is a digital consumer finance platform offering small-dollar credit, banking, and investment products to underbanked Americans. It competes with both Advance America's lending and Purpose Money's banking services via a mobile-first model targeting the same customer segment.
• Dave Inc. Dave is a digital banking platform offering earned-wage advances, budgeting tools, and small-dollar credit to underbanked consumers. It is an emerging competitor addressing the same financial-inclusion customer as Purpose Financial through a mobile-first subscription model.

Broad incumbents

• EZCORP: EZCORP is a U.S. and Latin American pawn and specialty consumer lender with hundreds of physical locations. While pawn-focused, it overlaps with Purpose Financial in serving cash-constrained consumers through physical storefronts in similar geographies.
• FirstCash Holdings: FirstCash is one of the largest pawn operators globally with 2,500+ retail locations across the U.S. and Latin America. It competes with Purpose Financial for the same underbanked customer demographic through physical retail, often in similar trade areas.
• LendingClub: LendingClub operates an online marketplace bank offering personal loans, banking, and credit products to consumers and small businesses. It overlaps with Purpose Financial's personal lending and Purpose Money-style deposit offerings but serves broader (often more prime) credit tiers digitally.

Direct peers

• Regional Management Corp. Regional Management is a U.S. consumer finance company originating and servicing small-dollar installment loans through ~350 branches across 13+ states. It is a direct competitor in the state-licensed installment lending space with similar target customers.
• CURO Group Holdings: CURO is a consumer finance company that historically offered payday, instalment, and revolving credit products in the U.S., Canada, and the U.K. It is a direct peer to Advance America in storefront and online small-dollar lending to underbanked consumers.
• Enova International: Enova is a publicly traded online specialty lender serving non-prime consumers and small businesses with installment loans and lines of credit. It is comparable to Purpose Financial in serving underbanked customers, but with a digital-only delivery model versus Purpose's storefront focus.
• World Acceptance Corporation: World Acceptance is a U.S. consumer finance company offering small installment loans to subprime borrowers through ~1,000 branches across 15+ states. It closely mirrors Purpose Financial's store-based small-dollar lending model and customer base.
• OneMain Financial: OneMain Financial is the largest U.S. installment lender to non-prime consumers, offering personal loans through ~1,400 branches nationwide. It is the most direct competitor to Advance America and shares Purpose Financial's focus on underserved borrowers, with overlapping customer profiles and similar in-person service model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/UAdvanceAmerica
• YouTubeyoutube.com/user/YouAdvanceAmerica
• Facebookfacebook.com/AdvanceAmerica
• LinkedInlinkedin.com/company/havepurpose

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Purpose Financial