The deal signals a significant scaling of VersaBank’s point-of-sale financing footprint. While the current commitment stands at US$300 million, both companies anticipate that the program’s volume could eventually exceed US$500 million per year. David Taylor, founder and president of VersaBank, noted that the initiative is being bolstered by a forthcoming real-time funding capability designed to reduce financing costs and warehouse requirements for partners.
VersaBank Expands U.S. Structured Receivable Program with ECN Capital
A new agreement between VersaBank USA and a subsidiary of ECN Capital is set to inject at least US$300 million annually into the bank’s Structured Receivable Program. This partnership marks the second collaboration for the two firms in the U.S. market, with initial funding slated to begin within weeks.
ECN Capital’s leadership expressed continued confidence in the arrangement, citing the program’s utility since their initial engagement last year. Lawrence Krimker, CEO of ECN Capital, described the bank’s funding model as a unique asset for his business operations. VersaBank, which operates under a branchless digital model, continues to target underserved segments of the North American banking industry through its proprietary technology and risk-mitigated strategies.
:fill(white):max_bytes(150000):strip_icc()/NASAFederalCreditUnion-8cbe1111331848ea8cb101f9a187abc4.jpg)
Comments (0)
No comments yet. Be the first!