The bank’s new infrastructure allows point-of-sale finance companies to access funding in real-time, a capability VersaBank expects will capture a larger share of the multi-trillion-dollar North American market. David Taylor, founder and president of the bank, noted that demand for the technology has surged since the pilot was announced less than two months ago.

For Financeit, the transition is a central component of its growth strategy. CEO Casper Wong stated that the implementation will provide an immediate contribution to the firm’s operations as it nears $2 billion in annual loan originations. VersaBank plans to extend this offering to its broader network of existing and prospective partners immediately, aiming to leverage its branchless, digital model to scale the program across both countries.