Fundraising Plan And The Pitch
Wealth One is preparing a growth-capital raise of C$150 million, and Anthony Lacavera, the bank's lead shareholder and Globalive's chairman, is heading to London next week to kick off a roadshow. He is targeting family investors with financial services experience in Europe and the US. Lacavera said he expects "monster" deposits from fintechs next year, but did not elaborate.
Earlier, Lacavera closed a C$50 million round in August at a pre-money valuation of C$91 million, with existing owners putting in C$30 million. At that price, the company was valued at roughly 0.9x the bank's C$101.5 million book value. He described the discount as a function of Wealth One's still small footprint and lack of profitability, adding, "The next round will be profitable."
Rebuild And Growth Since The Takeover
The bank got a reboot last year when a group led by Globalive acquired it after a long regulatory standstill tied to allegations about the prior owners' links to the government of China. After the deal closed in July 2025, the new backers overhauled leadership, installing John Webster - a former Bank of Nova Scotia executive - as CEO, refreshed the technology stack, and leaned into both residential and commercial mortgages.
That push shows up in the numbers. Data from the federal bank regulator indicate total assets came in at about C$1.03 billion in August, compared with C$570 million in July 2025, and investor materials show roughly C$1.1 billion by September. Residential real estate lending increased 69% year over year through June, the fastest growth rate among banks in a comparison by WOWA Data Labs. In that peer set, Equitable Bank had C$38.4 billion of residential loans as of June 30 but was left out for scale.
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Deposits, Clients, And What It Means For Your Portfolio
Deposits are rising, and the loan to deposit ratio is nearing one to one. The bank is attracting retail savers by offering deposit accounts and additional savings options, while also leaning on fintechs and wealth firms for deposits and partnerships. "They just don't get the same level of service," Lacavera said of fintechs at big banks. "So that's where we can really step up."
Webster pointed to Wealthsimple as the type of client they want. He said firms like it can continue operating outside the regulated banking regime while using banks for services like deposit accounts. "Why can't we be their bank?" he said.
He also said Wealth One aims to build comparable partnerships across Canada and the US. "We want to be the bank of the fintechs." According to Lacavera, WealthOne anticipates turning profitable next year.
For investors, the through-line is clear: a recapitalized balance sheet, a mortgage book growing fast from a small base, and a deposit strategy keyed to fintech partners. That combination, if it lands, could change the bank's funding mix and earnings trajectory.
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