JSMedia – Based in London, Ontario, VersaBank started as a trust company in Saskatoon, Saskatchewan in 1980. On August 1, 2002, the bank was awarded its first Canadian chartered bank licence under the federal government’s Schedule I program. The move was a major step toward the establishment of a strong financial institution in Canada. Despite the recent shift in focus, the company continues to provide excellent customer service and products. Here are some of the highlights of the history of VersaBank.
The company is focusing on offering a digital-only banking platform to serve a growing market. The bank expects to use the net proceeds of the offering to fund general banking activities and qualify for Common Equity Tier 1 capital. In addition, the bank anticipates that the transaction will be fully underwritten and that the common shares will be listed on the TSX and Nasdaq. The firm is a Canadian Schedule I chartered bank that employs proprietary FinTech solutions to serve the needs of underserved markets.
The bank will be a stand-alone entity that relies on in-house technologies to serve its customers. Its VCAD cryptocurrency exchange was created in partnership with Stablecorp, Canada’s largest digital asset fund manager. The bank also brought on board a blockchain developer called Mavennet to help create its virtual currency. With its highly efficient business model, VersaBank is aiming to offer superior net interest margins. The company’s digital assets division will offer innovative deposit solutions to financial intermediaries.
VersaBank Mortgage Loans in Canada, Is The Greatest?
Founded as a trust in Saskatoon, Saskatchewan, VersaBank expanded its operations to London, Ontario. On August 1, 2002, the bank received a Canadian chartered bank license. VBNK is the company’s stock exchange symbol. It is publicly traded on the TSX Venture Exchange and Nasdaq. It is a fully digital financial institution with an emphasis on small businesses and the unbanked.
A new application for high-volume residential financing is available for download on the company’s website. Using the app, VersaBank partners can obtain an on-the-spot approval on their loans. The program targets newcomer home and condo buyers with significant wealth. The company has also increased its warehouse credit facility, which helps in the process of facilitating the sales. Its software also supports a more efficient loan-processing workflow.
The company has launched two new apps. One is Instant Mortgage, a high-volume residential financing software app. This app focuses on newcomer condo and home buyers with significant wealth. Its technology-driven software, called “Instant Mortgage,” allows VersaBank partners to obtain a loan quickly and smoothly. By providing an on-the-spot loan, it streamlines the sale process. Moreover, it is structured with cash holdbacks, which virtually eliminates the risk of non-performing loans.
Unlike most of the big 6 banks, VersaBank aims to do things better than competitors. It has been quietly building up its IT security capabilities. In Nov. 2020, VersaBank acquired Digital Boundary Group, a cybersecurity startup that offers automated and autonomous security penetration testing. The two companies have also added new staff members, as well as expanded its services to other countries. The acquisitions are just the beginning. The company is well-positioned to succeed in the long term.
DRT Cyber was created by David Taylor. The company leverages its internal IT security software to develop innovative solutions for cyber security. The company also recently launched its own flying machine called Sky. The bank’s new technology enables small and medium-sized merchants to offer affordable monthly payment options for large purchases. Financeit allows them to compete with larger retailers, as it is free and easy-to-use. In addition, the company is committed to providing a secure online banking experience.
In addition to its digital banking services, VersaBank is also developing a new digital currency. The company is developing VCAD, which will represent fiat currency and will be backed by deposits in a North American bank. It is expected to be the first-ever digital currency, offering unparalleled security and privacy. The bank’s “branchless” model reduces operational costs and enables it to offer competitive interest rates and fees for its customers.
The company’s tech stack is unique in that it allows it to be compatible with different operating systems. Its security and privacy features are also among the most advanced in the industry. The bank’s business model combines the best of both worlds, which allows it to offer a seamless banking experience for customers. Ultimately, this means that customers can easily exchange money and services with VersaBank. The bank’s business-to-business service offers a number of benefits.