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Versabank ( (TSE:VBNK) ) has provided an update.
On January 31, 2025, VersaBank announced its partnership with Watercress Financial to expand its US Receivable Purchase Program, leveraging Watercress’s home improvement loan origination network. This collaboration marks VersaBank’s first American partnership after acquiring a US bank and aims to capture a share of the expansive US point-of-sale financing market. VersaBank’s innovative Receivable Purchase Program, which has grown significantly in Canada, enables efficient and risk-mitigated access to consumer and small business financing, supporting Watercress’s growth and diversification efforts.
More about Versabank
VersaBank is a North American bank recognized as the first fully digital financial institution globally, operating a cloud-based, branchless, digital, business-to-business model using proprietary technology. It focuses on underserved segments of the banking industry, offering a Receivable Purchase Program for point-of-sale finance companies, and it operates DRT Cyber Inc., a provider of cybersecurity services. Its shares are listed on the Toronto Stock Exchange and Nasdaq under the symbol VBNK.
YTD Price Performance: -2.60%
Average Trading Volume: 106,683
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $438.8M
Learn more about VBNK stock on TipRanks’ Stock Analysis page.
