Advance America will now operate under a new corporate identity, Purpose Financial Inc. This change reflects the company’s evolution into a family of brands offering a suite of consumer credit products, according to a news release.
“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,” Jim Ovenden, president and CEO of Purpose Financial, said in the news release. “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.”
Based in Spartanburg, the company has more than 5,000 employees in 1,800 store fronts and offices across 28 states, the release said. The company’s brands include Advance America and a number of regional brands.
Under the 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 the company’s consumer-facing brand, the release said.