The digital bank plans to use the money to expand its lending business, Bloomberg reported. It will continue to focus on underserved groups like self-employed people, entrepreneurs and new Canadians. (Bloomberg)
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The digital bank plans to use the money to expand its lending business, Bloomberg reported. It will continue to focus on underserved groups like self-employed people, entrepreneurs and new Canadians. (Bloomberg)
Talking point: The closing of the deal marks a new chapter for Wealth One, after Ottawa ordered three of its founding investors to divest their shares in 2023 because of alleged ties to the Chinese government. It also presents a potential new challenge to Canada’s concentrated banking sector. The federal government approved the consortium’s bid to acquire all issued and outstanding shares of Wealth One in June. Along with Globalive chair and Wind Mobile founder Anthony Lacavera, Wealth One’s new backers include direct-investment platform Beedie Capital, insurance financing firm Grasslands Finance and wealth-management firm Optimize Financial Group.
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