VERSABANK LAUNCHES BREAKTHROUGH REAL-TIME STRUCTURED RECEIVABLE PROGRAM TO POINT-OF-SALE INDUSTRY IN CANADA AND UNITED STATES

Executive Summary

• VersaBank has officially launched its industry-first, AI-enabled Real-Time Structured Receivable Program (SRP) in Canada and the United States, marking a significant expansion of its point-of-sale funding capabilities.
• Financeit Canada Inc., one of VersaBank’s largest and longest-tenured SRP partners, is the first partner to utilize this real-time capability on a large scale, following the successful and ahead-of-schedule completion of a pilot program.
• The launch positions VersaBank to capture a larger share of existing partners' businesses and attract new partners in the multi-trillion-dollar U.S. point-of-sale finance market.

Key Details

• Product Launch: Introduction of the "Real-Time Structured Receivable Program (SRP)," described as an industry breakthrough and "industry first" AI-enabled capability.
• Primary Partner: Financeit Canada Inc. is the first partner to go live with the real-time SRP.
• Pilot Status: The real-time SRP implementation followed a pilot program that was completed ahead of schedule.
• Geographic Scope: The program is available to existing and prospective SRP partners in both Canada and the United States.
• Strategic Goal: VersaBank expects the new capability to expand its addressable point-of-sale market, grow share within existing partner businesses, and win new business in the U.S. and Canada.
• Partner Context: Financeit approaches $2 billion in annual loan originations and expects 2026 to be a record year.
• Background: VersaBank launched its original Structured Receivable Program funding solution for point-of-sale finance companies in August 2024, expanding its successful 15-year Canadian model to the U.S. market.

Notable Quotes

• David Taylor, Founder and President, VersaBank: "Demand for our industry first, AI-enabled Real-Time SRP has far exceeded our expectations since announcing our pilot less than two months ago... We expect the unique and innovative benefits of our Real-Time SRP will enable us to grow our share of existing SRP partners' businesses while enabling us to win business with new partners in both the United States and Canada."
• Casper Wong, CEO, Financeit: "We are proud to be the first point-of-sale financing company to leverage VersaBank's Real-Time SRP, a broad implementation that we expect will make an immediate and meaningful contribution to our business... This milestone reinforces the strength of our partnership with VersaBank and our shared track record of innovation and execution."