Press Releases from Purpose Financial

Purpose Financial to be parent company of Advance America, diversifying family of brands

Advance America Announces New Corporate Name: Purpose Financial, Inc.

Spartanburg, SC, February 3, 2020 – Advance America, one of the country’s leading consumer lenders, announced it will now operate under a new corporate identity, Purpose Financial, Inc. This change reflects the company’s evolution, becoming a family of brands offering a suite of consumer credit products that enhance financial inclusion and stability.

“The name Purpose Financial embodies our company’s transformation as we work to provide consumers with financial solutions that put them in a better place than they were the day before,” said Jim Ovenden, president and CEO of Purpose Financial. “As Purpose Financial, we will be able to better fulfill this mission for our customers and communities, while continuing to diversify, build toward and advocate for a more dynamic credit market that fully reflects consumers’ financial needs and expectations.”

Since 1997, Advance America has been a pioneer in the consumer credit and financial services market, with more than 5,000 employees in 1,800 storefronts and offices across 28 states. In recent years, the company has added to its portfolio of products and services, offering a variety of innovative, regulated and transparent small-dollar credit options in its centers and online.

Operating under its new corporate name, Purpose Financial, the company will continue to grow its family of brands, while remaining a leader in the competitive, rapidly shifting consumer financial services market. Purpose Financial will build on Advance America’s legacy as a customer-centric, community-based lender with an enhanced omni-channel experience designed to meet consumers’ ever-evolving credit needs. The company’s brands include Advance America and a number of regional brands, as well as opportunities for additional brands and services in the future.

Under this new structure, employees in the company’s corporate offices, including its Spartanburg headquarters, will be employed by Purpose Financial; employees serving consumers in Advance America centers will continue to work for Advance America, now a subsidiary of the new company. Advance America will continue to be our consumer-facing brand.

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About Purpose Financial:

Purpose Financial, Inc. is an innovative consumer financial services company that offers a diverse suite of credit products, promotes financial inclusion and stability, and meets consumers wherever they are – helping them to achieve their version of financial stability in the moment and in the future. Through its brands, the company is committed to delivering an omni-channel, customer-centric experience both in-store and online. Purpose Financial brands include Advance America, the country’s leading state-licensed, non-bank consumer lender, operating more than 1,800 storefronts in 28 states.