Last month, we reported on new “digital banking enhancements” from Toronto’s Wealth One Bank of Canada, a federally chartered Canadian Schedule 1 digital bank.
The launch, which involved the expertise of Lethbridge-based thirdstream technologies, represented “another significant milestone as we continue to transform the client experience at WealthONE,” according to one chief executive.
This month, Toronto-based Globalive confirmed the acquisition of WealthONE.
Alongside a consortium of co-investors, investment firm Globalive is acquiring WealthONE, having secured approval from the Government of Canada to complete the transaction after first unveiling their intent last year.
“We are taking a long-term growth approach with WealthONE, with a consortium of strategic investors alongside permanent capital from Globalive,” said Anthony Lacavera, Chairman of Globalive.
“We look forward to closing the transaction, capitalizing the Bank, and supporting its next phase of growth,” he added.
Operating as both a “Build Studio” and an investment platform, Globalive has supported more than 150 ventures across the telecom, media, health, and finance sectors.
The firm aims to “back high-trust people solving hard problems in regulated or overlooked spaces.”
Lacavera described Globalive’s acquisition of WealthONE as an “important milestone.”
WealthONE will continue to operate as a federally regulated Schedule I bank under its current charter, with no changes to its day-to-day operations, according to Paul Leonard, chief executive officer of the company.
“We’re very happy to partner with Globalive,” he says, “whose strategic vision aligns perfectly with our commitment to supporting customers with practical financial solutions.”
Since its establishment nearly a decade ago, WealthONE has expanded services to support a growing clientele.
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