#Canada #London #VersaBank #RPP #Thrive Financial

VersaBank Partners with Thrive Financial

On October 6, 2025, VersaBank, a prominent digital banking entity in North America, revealed a strategic partnership with Thrive Financial, a technology platform based in Virginia that facilitates point-of-sale financing specifically for home improvement projects. This new collaboration signifies an important milestone in VersaBank's ongoing efforts to expand its Receivable Purchase Program (RPP) across the United States.

VersaBank, traded under the symbols TSX: VBNK and NASDAQ: VBNK, is well-known for its business-to-business digital banking solutions as well as its emphasis on cybersecurity technology. With the aim of enhancing efficiency and scalability, the partnership with Thrive Financial should greatly benefit both organizations while improving consumer options nationwide.

The Deal

Under the new agreement, Thrive Financial will utilize VersaBank's RPP to enhance their service offerings, enabling streamlined connections among homeowners, merchants, and lenders throughout the country. According to David Taylor, the Founder and President of VersaBank, the addition of Thrive Financial as a partner reflects their commitment to growing the RPP model in the US market, especially in the area of home improvement financing, which has been a significant growth factor.

As part of the initial agreement, VersaBank has already executed an initial funding to kickstart the collaboration. "Home improvement financing remains a robust avenue for progress within our RPP business on both sides of the border, especially given its economic resilience," Taylor emphasized.

Future Prospects

The partnership is designed to propel VersaBank's RPP portfolio closer to the ambitious target of US$290 million, showcasing a significant potential for scaling. Taylor further noted that there is a noticeable uptick in momentum for their RPP offerings, underpinned by continuing interest from partners eager to utilize their one-stop-shop solution for point-of-sale financing. This aligns seamlessly with Thrive’s operational model, enabling both parties to capitalize on synergies in the market.

Thrive Financial's CEO, Jasjeev Sawhney, expressed enthusiasm over the partnership, stating that it not only allows them to integrate VersaBank's economically attractive solutions but is also crucial for expanding their business on a national scale. The deal will enhance Thrive’s ability to provide competitive loan products to homeowners and thereby support their merchant partners’ growth in various service areas.

About Thrive Financial

Thrive Financial is more than just a financial institution; it's a technology platform that aims to create lasting relationships between merchants, consumers, and lenders. The platform is designed to deliver seamless access to a wide range of financial products while ensuring high approval rates and comprehensive risk management. By bridging the gap between credit access and home improvement financing, Thrive positions itself as a critical player in enhancing the customer experience in the financial services landscape.

About VersaBank

Unlike traditional banks, VersaBank employs a unique branchless, digital business model, which focuses on serving underserved segments of the banking market. With significant emphasis placed on utilizing technology for operational efficiency, VersaBank has successfully integrated a Receivable Purchase Program that has thrived in Canada for nearly 15 years and recently ventured into the expansive US market. Furthermore, the bank also holds DRT Cyber Inc., a frontrunner in cybersecurity services, illustrating its commitment to safeguarding financial institutions against ever-evolving cyber threats.

As these two innovative companies embark on their partnership, the expectations are high for reshaping the landscape of home improvement financing and providing better access to financial solutions for customers and businesses alike.