Wealth One Bank of Canada is aiming to raise C$150 million ($105 million) to expand its role as a banking partner for fintech companies. The digital-focused bank believes these firms are often overlooked by Canada’s largest lenders.
The company received a boost last year when investment firm Globalive led a group of backers to acquire it. This followed a prolonged regulatory review tied to its previous owners’ alleged connections to the Chinese government.
Wealth One is positioning itself as the ‘Bank of the Fintechs,’ targeting growth financing to better serve the fintech sector. The move comes as the bank seeks to solidify its niche in the Canadian financial landscape.