VersaBank adds Thrive Financial as RPP partner

Executive Summary

• VersaBank USA entered into a partnership with Thrive Financial Inc., adding Thrive as a new partner in its U.S. receivable purchase program (RPP).
• The collaboration includes an immediate initial financing and supports VersaBank’s target of building a $290 million U.S. RPP portfolio.
• Both companies highlighted strong growth momentum for point‑of‑sale home‑improvement financing and noted interest in VersaBank’s newly added securitized financing option within the RPP.

Key Details

• Partnership Agreement: VersaBank USA (wholly owned subsidiary) and Thrive Financial Inc. signed an agreement allowing Thrive to utilize VersaBank’s receivable purchase program for point‑of‑sale home‑improvement financing in the United States.
• Initial Financing Completed: The parties completed an initial financing at the time of signing; specific amount not disclosed.
• Portfolio Target: VersaBank aims to achieve a $290 million U.S. RPP portfolio, with this partnership contributing toward that goal.
• Securitized Financing Option: VersaBank highlighted recent interest in its securitized financing option within the RPP, having already completed several fundings and added two new partners.
• Strategic Fit: Both companies view home‑improvement financing as a resilient growth driver; the partnership is expected to deliver significant value for both organizations.
• Quotes:
• “We are thrilled to add Thrive as our latest RPP partner… we continue to scale our unique and highly attractive RPP solution in the U.S.” – David Taylor, Founder & President, VersaBank.
• “We are excited to partner with VersaBank… this partnership reflects our commitment to deliver great value to our merchants and homeowners.” – Jasjeev Sawhney, CEO, Thrive Financial.

Notable Quotes

• David Taylor (VersaBank): “Home improvement financing continues to be a major growth driver of our RPP business on both sides of the border… we are confident this collaboration will drive significant value for both organizations.”
• Jasjeev Sawhney (Thrive Financial): “This partnership reflects our commitment to deliver great value to our merchants and homeowners, enhancing our ability to offer competitive loan products through our partner banks.”