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CEO John Webster told Bloomberg that WealthOne sees an opportunity to provide behind-the-scenes banking services that power fintechs and wealth firms, citing Wealthsimple as an example of the type of company he would like to attract as a customer. (Bloomberg)
Talking point: Fintechs often market themselves as an alternative to traditional banks, but they still need a bank partner under the hood to power payments, hold deposits and perform other functions. By courting fintech customers, WealthOne is putting itself in competition with Peoples Group, Digital Commerce Bank and Alberta’s ATB. WealthOne closed a $50-million funding round in August at a $90-million valuation, Bloomberg reported, $30 million of which came from existing investors. A consortium of investors including Anthony Lacavera’s Globalive closed a deal to buy WealthOne in July 2025, marking a new chapter for the bank after Ottawa ordered three of its founding investors to divest their shares in 2023 because of alleged ties to the Chinese government.
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