Innovation Acquires Consumer Loan Portfolio from Symple Loans Canada

Innovation Federal Credit Union continuously looks for ways to build on financial strength, enhance digitalization, and explore opportunities that make the most of their national reach capabilities.

With these goals in mind, in December 2023, Innovation has acquired the Canadian consumer loan assets of Symple Loans, a fintech personal lending company with a Canadian head office in Toronto, ON.

As a federal credit union, we are passionately engaged in innovative collaborations with Fintechs to broaden our reach across Canada,” says James Grosskopf, Innovation VP Fintech Partnership Development. “Our recent acquisition of Symple’s Canadian loan portfolio is a strategic move that resonates with this vision. It’s a perfect fit, considering most of Symple’s clients were based outside Saskatchewan. This acquisition not only aligns with our growth objectives but also provides new opportunities for us to connect with a broader audience, enhancing our commitment to simplifying banking for Canadians.”  

Grosskopf adds that Innovation is encouraging Symple clients to become Innovation members to fully take advantage of the Credit Union’s product offerings and profit-sharing opportunities. “We’re encouraging Symple clients to become Innovation members to enjoy no-fee chequing accounts, profit-sharing cash, and giving back to community causes that matter to them, simply by banking with us.”

"We are delighted that our customers are entering a new chapter with Innovation which shares Symple’s commitment to prioritizing the financial well-being and satisfaction of our valued customers,” says David Gold, President & COO Symple Loans. The official transition to Innovation took place on December 18, 2023.