The bank was acquired by a group of backers led by investment firm Globalive in July 2025 and is now led by a new management team that includes CEO John Webster, who is a former Bank of Nova Scotia executive, according to the report.
Under the new ownership, WealthOne’s total assets grew from 570 million Canadian dollars (about $400 million) in July 2025 to $1.1 billion Canadian dollars (about $771 million) in September, the report said.
FinTechs and wealth firms are becoming an important source of deposits, with WealthOne saying FinTechs are underserved by Canada’s largest lenders, according to the report.
“They just don’t get the same level of service,” Globalive Chairman Anthony Lacavera said, per the report. “So that’s where we can really step up.”
Lacavera said he expects WealthOne to gain “monster” deposits from FinTechs next year, although he didn’t offer further details, according to the report.
Webster said in the report that WealthOne is pursuing relationships with FinTechs in both Canada and the United States.
“We want to be the bank of the FinTechs,” Webster said, per the report.
When the Government of Canada approved the acquisition of all the issued and outstanding shares of WealthOne by the group of Canadian investors led by Globalive in June 2025, Lacavera said in a press release that the group was “taking a long-term growth approach with WealthOne” and was looking forward to “supporting its next phase of growth.”
WealthOne announced in a July press release that it had confirmed Webster’s appointment as permanent president and CEO in March after he had served as interim president and CEO since August 2025. The bank had appointed Webster as board chair in July 2025, following the completion of the acquisition.
Webster said in the July press release: “WealthOne is a unique platform with real momentum. I am committed to building on the strong foundation that has been established here and to growing the bank in a way that creates lasting value for our customers, our partners and the communities we serve.”
