Meet VersaBank, the Bank of the Future.
In the early 1990s, when the branchless bank was still a dream for North American financial service providers, we built one. Canada’s first digital only bank was banking reimagined by engineers, unimpeded by legacy infrastructure, or legacy thinking.
But for us, the true potential of virtual banking wasn’t just more efficiency, it was more choice. By combining our own robust banking technology with the discipline and confidence of a Schedule 1 Canadian chartered bank license, we were able help create innovative banking alternatives that our clients could trust. By partnering with us, alternative financial service providers could finally compete on a level playing field.
Today, our opportunity to power choice in financial services has never been greater, or more immediate. New technologies have made it possible for Fintechs to offer them, and they’re serving the most empowered generation of consumers in history. By providing a more efficient and innovative funding mechanism, VersaBank is enabling our Fintech and non-bank partners to more effectively originate consumer and business loans. The result for Canadians is easier access to low cost financing and greater choice. Fintechs are transforming the word “bank” from being a place people must go, to being something they do on their own terms, and we are the engine behind Canada’s Fintech Industry. We were born for this revolution. And we thought it was time for a name that said so.
We’re proud to introduce you to VersaBank: Choice through innovation.
VersaBank is a Schedule I chartered bank with a difference. Our success is based on our initial vision for a new kind of financial institution: a “branchless” commercial bank that makes full use of innovative technologies. By investing in highly skilled, experienced people and in advanced computing technologies rather than in bricks and mortar, we have significantly grown our assets and continue to achieve record efficiencies.
We provide two primary services – deposits and financing. The bank is organized around these two distinct operating divisions.
We have partnered with existing nationwide brokerage firms to raise the bank’s deposits. Today, we enjoy relationships with almost all of the large Canadian bank-owned brokerages as well as over 100 small to mid-size financial advisory firms across the country.
We have focused on specific niches in which we have developed a wealth of experience, including financing well-established corporations and public sector entities. Our seasoned team of expert lenders encompass two primary areas: Point of Sale Financing (e-Commerce), and Project Financing which encompasses Public Sector Financing as well as Real Estate and Development Financing, and Commercial Lending. Each group operates throughout Canada, providing lending services from coast to coast.
Our growth, corporate structure and operations reflect the bank’s original vision. Streamlined staffing means that our asset-to-employee ratio, a quantifiable measure of productivity, is approximately four times better than that averaged by traditional banks. We are continuously focused on innovation and improving our technologies to support the bank’s rapid growth. Finally, our conservative and dedicated risk management group ensures that growth does not translate into risk.
Our head office is located in London, Ontario. Deposit services operate from our Saskatoon, Saskatchewan, corporate office. Financing services operate from various lending offices located across Canada.
VersaBank is a Schedule I, Canadian chartered bank. We are licensed to operate across Canada and are a member of the Canada Deposit Insurance Corporation (CDIC), and the Canada Mortgage and Housing Corporation (CMHC).