WealthOne seeks growth financing for ‘bank of the fintechs’ push

By Christine Dobby

(Bloomberg) — Wealth One Bank of Canada is looking to raise $150 million as the small, digital-focused firm tries to position itself as a banking partner for financial-technology firms it says are underserved by Canada’s biggest lenders.

The company got new life last year after a group of backers led by investment firm Globalive acquired it following a lengthy period of regulatory limbo over its previous owners’ alleged ties to the government of China. 

Since the transaction was completed in July 2025, WealthOne’s new owners have replaced the management team — former Bank of Nova Scotia executive John Webster is now chief executive officer — along with revamping its technology and making a major push into residential and commercial mortgages. Data from the federal bank regulator show WealthOne’s total assets climbed to about $1.03 billion in August from $570 million in July 2025. Investor materials put the figure at $1.1 billion by September of this year. 

Deposits are growing too, with the bank’s loan-to-deposit ratio approaching one to one. While WealthOne is also pursuing retail clients with deposit accounts and other savings products, fintechs and wealth firms are becoming an important source of deposits and potential partnerships. 

“They just don’t get the same level of service,” Anthony Lacavera, WealthOne’s lead shareholder and chairman of Globalive, said of fintechs’ dealings with the major banks. “So that’s where we can really step up.” 

Webster pointed to Canada’s Wealthsimple as the kind of fintech WealthOne wants to bank. He said firms like it can remain outside the regulated banking regime while working with banks that provide services such as deposit accounts. 

“Why can’t we be their bank?” he said, adding that Wealth One is pursuing similar relationships in both Canada and the U.S. “We want to be the bank of the fintechs.”

Lacavera closed a $50 million funding round in August at a $91 million pre-money valuation, equal to about 0.9 times the bank’s $101.5 million book value. Existing owners invested $30 million of the round. He said the discount reflects WealthOne’s still subscale size and lack of profitability. 

But while it’s starting from a small base, the bank is growing quickly. Residential lending grew 69% from a year earlier through June, the fastest pace of any bank in a comparison by WOWA Data Labs, a Canadian mortgage and housing-data firm. Lacavera also expects “monster” deposits from fintechs next year, declining to give further details. 

“The next round will be profitable,” he said. Lacavera is travelling to London next week to begin a roadshow for an additional $150 million of growth capital, targeting families with financial-services expertise in Europe and the U.S. WealthOne expects to reach profitability next year, he said.

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Last modified: November 13, 2026