Purpose Financial
- Company typePrivate
- Founded1997
- HeadquartersSpartanburg, United States
- Headcount5,001–10,000
- GTM typeB2C
- OfferingServices
Purpose Financial firmographics
Firmographics- 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
Purpose Financial industry classification
Industry- 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
Where Purpose Financial is headquartered
LocationHeadquarters
- HQ city
- Spartanburg
- HQ country
- United States
- HQ region
- North America
Offices15 records
Markets served
Purpose Financial business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Consumer lending products with personalized terms |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels4 records
Purpose Financial product offering
Product offeringCore 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
Companies that use Purpose Financial
Customer profileNamed customers5 records
Segments3 records
Ideal customer profiles3 records
Purpose Financial technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Purpose Financial partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Central Bank of Kansas CitycoreCentral 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
Purpose Financial competitors and assessment
Company assessmentEmerging 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
Purpose Financial social profiles
Digital presencePurpose Financial compliance and trust
Trust signalCompliance1 record
Purpose Financial financial estimates
Financial estimateRevenue estimate
Valuation estimate
Purpose Financial leadership team
Management profileNumber of profiles
Profiles10 records
Purpose Financial subsidiaries and ownership
Company hierarchySubsidiaries2 records
Purpose Financial funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Purpose Financial M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Purpose Financial
What does Purpose Financial do?
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.
Is Purpose Financial a public or private company?
Purpose Financial is a private company. It is classified as corporate owned and is currently operating.
When was Purpose Financial founded?
Purpose Financial was founded in 1997. It employs 5,001 to 10,000 people.
Where is Purpose Financial based?
Purpose Financial is headquartered in Spartanburg, United States, in the North America region.
How does Purpose Financial make money?
Two revenue lines are on record. Consumer Lending is the primary driver. The others are purpose Money Banking Services.
Who are Purpose Financial's main competitors?
Emerging players on record are MoneyLion and Dave Inc.. Broad incumbents are EZCORP, FirstCash Holdings and LendingClub. Direct peers are Regional Management Corp., CURO Group Holdings, Enova International, World Acceptance Corporation and OneMain Financial.
Does Purpose Financial have an API?
No public API is recorded for Purpose Financial.
What industry is Purpose Financial in?
Purpose Financial's product category is Consumer Lending. Its primary akta.pro industry code is FSAKAAAG, Large Purchase & Lifestyle Personal Loans (Unsecured Installment), with a secondary code of FSABAAAL, Financial Inclusion & Basic Banking (Unbanked/Underbanked, Low-Fee Accounts). Its NAICS code is 522 and its SIC code is 6141.