VersaBank Adds ECN Capital Subsidiary to US Structured Receivable Program

VersaBank announced that its US subsidiary, VersaBank USA, has entered into an agreement with a subsidiary of ECN Capital. This new partnership is expected to contribute at least US$300 million in additional US Structured Receivable Program (SRP) fundings annually, with potential to grow beyond US$500 million. This marks the second SRP program between VersaBank and ECN Capital in the US. VersaBank highlighted the program's value and its upcoming real-time funding capability, which aims to reduce financing costs and the need for warehouse financing. ECN Capital expressed satisfaction with the SRP, noting its benefit since their initial engagement last year and anticipating a long-term relationship. VersaBank also detailed its digital banking model, its success with the SRP in Canada, and its US expansion, alongside its cybersecurity subsidiary, DRT Cyber Inc.