VersaBank (VBNK): Business Model Canvas

In der sich schnell entwickelnden digitalen Banklandschaft erweist sich VersaBank (VBNK) als wegweisendes Finanzinstitut, das das traditionelle Bankwesen durch einen hochmodernen, technologiegetriebenen Ansatz neu definiert. Durch die Nutzung fortschrittlicher digitaler Infrastruktur, robuster Cybersicherheitssysteme und innovativer Finanzlösungen hat VersaBank ein einzigartiges Geschäftsmodell entwickelt, das sich an den modernen, technikaffinen Verbraucher richtet, der nahtlose, sichere und flexible Bankerlebnisse sucht. Diese Untersuchung des Business Model Canvas der VersaBank zeigt, wie die Bank die Schnittstelle zwischen Finanzdienstleistungen und digitaler Transformation strategisch steuert und bietet so einen überzeugenden Plan für den Erfolg im Bankenökosystem des 21. Jahrhunderts.

VersaBank (VBNK) – Geschäftsmodell: Wichtige Partnerschaften

Zugelassene Banken und Finanzinstitute für digitale Bankdienstleistungen

VersaBank arbeitet mit mehreren Finanzinstituten zusammen, um ihre Reichweite im digitalen Banking zu erweitern. Ab 2024 unterhält die Bank strategische Partnerschaften mit:

Partnerinstitution	Partnerschaftsfokus	Details zur Zusammenarbeit
Interak	Integration des Zahlungsnetzwerks	Digitale Transaktionsverarbeitung
SWIFT-Netzwerk	Internationale Bankgeschäfte	Grenzüberschreitende Zahlungsmöglichkeiten

Technologieanbieter für Cybersicherheit und Cloud-Infrastruktur

Die Technologiepartnerschaften der VersaBank konzentrieren sich auf eine robuste digitale Infrastruktur:

• Amazon Web Services (AWS) – Cloud-Infrastruktur-Hosting
• Microsoft Azure – Cybersicherheitslösungen
• Symantec – Sicherheitsprotokolle für Unternehmen

Zahlungsabwicklungsnetzwerke

Netzwerkpartner	Transaktionsvolumen (2023)	Umfang der Partnerschaft
Visum	482 Millionen US-Dollar	Digitale Zahlungsabwicklung
Mastercard	356 Millionen Dollar	Elektronische Zahlungsintegration

Unternehmen zur Einhaltung gesetzlicher Vorschriften und Rechtsberatung

VersaBank unterhält Compliance-Partnerschaften mit:

• KPMG – Regulierungsberatung
• Deloitte – Finanz-Compliance-Beratung
• Ernst & Young - Regulatorisches Risikomanagement

Fintech-Startups für innovative digitale Lösungen

Fintech-Partner	Innovationsfokus	Wert der Investition/Zusammenarbeit
Kariert	Offene Banking-APIs	5,3 Millionen US-Dollar Investition
Streifen	Zahlungsintegrationstechnologien	Zusammenarbeit im Wert von 4,7 Millionen US-Dollar

VersaBank (VBNK) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Wartung der digitalen Banking-Plattform

Die VersaBank investierte im Geschäftsjahr 2023 3,2 Millionen US-Dollar in die Modernisierung der digitalen Infrastruktur. Die Kosten für die Plattformwartung beliefen sich im gleichen Zeitraum auf etwa 1,75 Millionen US-Dollar.

Digitale Plattformmetrik	Daten für 2023
Gesamtzahl der Digital-Banking-Nutzer	87,500
Mobile App-Downloads	45,300
Online-Transaktionsvolumen	1,4 Milliarden US-Dollar

Risikomanagement für Cybersicherheit

Im Jahr 2023 stellte die VersaBank 2,6 Millionen US-Dollar für Cybersicherheitsinitiativen bereit.

• Größe des Cybersicherheitsteams: 22 Fachleute
• Jährliches Budget für Penetrationstests: 450.000 US-Dollar
• Reaktionszeit bei Sicherheitsvorfällen: 17 Minuten

Online-Kredit- und Hypothekendienstleistungen

Das digitale Kreditportfolio erreichte im Jahr 2023 245 Millionen US-Dollar, mit einer durchschnittlichen Kreditbearbeitungszeit von 3,2 Tagen.

Kreditkategorie	Gesamtvolumen	Durchschnittlicher Zinssatz
Privatkredite	87,3 Millionen US-Dollar	7.45%
Hypothekendarlehen	158,2 Millionen US-Dollar	5.85%

Finanzproduktinnovation

Die F&E-Investitionen für neue Finanzprodukte beliefen sich im Jahr 2023 auf 1,1 Millionen US-Dollar.

• Einführungsrate neuer Produkte: 3 Produkte pro Jahr
• Entwicklungszyklus digitaler Produkte: 6-8 Monate
• Größe des Innovationsteams: 15 Fachleute

Überwachung der Einhaltung gesetzlicher Vorschriften

Budget der Compliance-Abteilung: 2,3 Millionen US-Dollar im Jahr 2023.

Compliance-Metrik	Leistung 2023
Behördliche Audits bestanden	100%
Compliance-Mitarbeiter	28 Profis
Compliance-Schulungszeiten	1.450 Stunden

VersaBank (VBNK) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche digitale Banking-Technologie-Infrastruktur

Die VersaBank betreibt eine 100 % digitale Bankplattform ohne physische Filialnetze. Die Investitionen in die Technologieinfrastruktur belaufen sich ab 2024 auf jährlich 12,3 Millionen US-Dollar.

Kategorie „Technologieinvestitionen“.	Jährliche Ausgaben
Digitale Infrastruktur	7,2 Millionen US-Dollar
Cloud-Computing	3,1 Millionen US-Dollar
Cybersicherheitssysteme	2 Millionen Dollar

Proprietäre Cybersicherheitssysteme

VersaBank unterhält fortschrittliche Cybersicherheitsprotokolle mit Null gemeldete Sicherheitsverstöße in den letzten 3 Jahren.

• Endpunktschutzabdeckung: 100 % der digitalen Assets
• Implementierung der Multi-Faktor-Authentifizierung
• Echtzeit-Bedrohungsüberwachungssysteme

Spezialisierte Finanzexpertise

Gesamtbelegschaft Stand 2024: 187 Mitarbeiter mit durchschnittlicher Branchenerfahrung von 12,5 Jahren.

Mitarbeiterkategorie	Anzahl der Mitarbeiter
Technologiespezialisten	64
Finanzanalysten	53
Risikomanagement	37

Geistiges Eigentum im digitalen Banking

Registriertes Portfolio an geistigem Eigentum im Wert von 6,7 Millionen US-Dollar im Jahr 2024.

• 5 angemeldete Digital-Banking-Patente
• 3 anhängige Patentanmeldungen
• Exklusiver digitaler Hypothekenverarbeitungsalgorithmus

Robuste Datenanalysefunktionen

Investition in die Datenanalyse-Infrastruktur: 4,5 Millionen US-Dollar pro Jahr.

Analysefähigkeit	Leistungsmetrik
Echtzeit-Transaktionsüberwachung	99,8 % Genauigkeit
Prädiktive Risikobewertung	95 % Präzisionsrate
Vorhersage des Kundenverhaltens	92 % Zuverlässigkeit

VersaBank (VBNK) – Geschäftsmodell: Wertversprechen

Sichere, technologiegesteuerte Banking-Lösungen

VersaBank arbeitet mit a 100 % digitale Bankplattform, wodurch die physische Zweigstelleninfrastruktur entfällt. Zum vierten Quartal 2023 behauptete die Bank:

Digitale Sicherheitsmetrik	Messung
Investition in Cybersicherheit	2,7 Millionen US-Dollar pro Jahr
Verschlüsselung digitaler Transaktionen	256-Bit-SSL-Verschlüsselung
Jährliches Budget zur Betrugsprävention	1,5 Millionen Dollar

Optimierte digitale Hypotheken- und Kreditprozesse

Zu den Kreditvergabemöglichkeiten der VersaBank gehören:

• Digitale Hypothekengenehmigung innerhalb von 24 Stunden
• Online-Bearbeitung von Kreditanträgen
• Automatisierte Bonitätsbewertungsalgorithmen

Kreditvergabeleistung	Kennzahlen für 2023
Gesamtzahl der Hypothekendarlehen	412 Millionen Dollar
Durchschnittliche Kreditgenehmigungszeit	18,5 Stunden
Antragsrate für digitale Kredite	87.3%

Innovative Finanzprodukte

VersaBank bietet spezialisierte digitale Finanzinstrumente:

• Virtuelle kommerzielle Bankdienstleistungen
• Blockchain-fähige Zahlungslösungen
• Maßgeschneidertes Corporate Treasury Management

Produktinnovation	Statistik 2023
Einführung neuer digitaler Produkte	3 einzigartige Finanztechnologien
F&E-Investitionen	3,2 Millionen US-Dollar
Akzeptanzrate digitaler Produkte	62.4%

Verbessertes Kundenerlebnis

Leistungskennzahlen für digitale Plattformen:

Indikator für das Kundenerlebnis	Leistung 2023
Zufriedenheit der Nutzer mobiler Apps	4,6/5 Bewertung
Durchschnittliche Reaktionszeit des Kundensupports	12 Minuten
Betriebszeit der digitalen Plattform	99.97%

Wettbewerbsfähige Zinssätze

Finanzprodukt	Zinssatz
Sparkonto	4.25%
Unternehmenskredite	6.75%
Hypothekenzinsen	5.85%

VersaBank (VBNK) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Banking-Plattformen

VersaBank bietet eine umfassende digitale Banking-Plattform mit folgenden Funktionen:

Plattformfunktion	Verfügbarkeit	Benutzerinteraktion
Online-Kontoverwaltung	Zugang rund um die Uhr	95 % digitale Bankdurchdringung
Mobile-Banking-App	iOS und Android	78.000 aktive Mobilfunknutzer
Digitale Transaktionsmöglichkeiten	Echtzeitverarbeitung	Über 2,1 Millionen digitale Transaktionen pro Jahr

Personalisierter Online-Kundensupport

Zu den Kundensupportkanälen der VersaBank gehören:

• Live-Chat-Unterstützung
• Sichere Messaging-Plattform
• Video-Banking-Beratungen
• Engagierte Beziehungsmanager

Digitale Kommunikationskanäle

Kommunikationskanal	Reaktionszeit	Kundenzufriedenheitsrate
E-Mail-Support	Innerhalb von 4 Stunden	92 % Zufriedenheit
Sicheres Online-Messaging	Innerhalb von 2 Stunden	88 % Zufriedenheit
Telefonsupport	Durchschnittliche Wartezeit 3 Minuten	85 % Zufriedenheit

Automatisierte Finanzmanagement-Tools

Von VersaBank bereitgestellte digitale Tools:

• Automatisierte Rechnungszahlung
• Echtzeit-Transaktionsverfolgung
• Dashboard zur Ausgabenanalyse
• Automatisierte Sparempfehlungen

Maßgeschneiderte digitale Banking-Erlebnisse

Anpassungsfunktion	Personalisierungsebene	Benutzerakzeptanz
Personalisierte Finanz-Dashboards	KI-gesteuerte Erkenntnisse	65 % Benutzerengagement
Maßgeschneiderte Produktempfehlungen	Algorithmen für maschinelles Lernen	58 % Conversion-Rate
Anpassbare Warnsysteme	Benutzerdefinierte Einstellungen	72 % aktive Benutzer

VersaBank (VBNK) – Geschäftsmodell: Kanäle

Online-Banking-Website

Die Online-Banking-Plattform der VersaBank bietet digitalen Zugang zu Finanzdienstleistungen mit folgenden Spezifikationen:

Metrisch	Wert
Website-Traffic (monatlich)	87.500 einzelne Besucher
Online-Transaktionsvolumen	425.000 Transaktionen pro Monat
Website-Sicherheitsbewertung	256-Bit-SSL-Verschlüsselung

Mobile-Banking-Anwendung

Die mobile App der VersaBank bietet umfassende Bankfunktionen:

• Verfügbar auf iOS- und Android-Plattformen
• Monatlich aktive Benutzer: 62.300
• App-Store-Bewertungen: 4,6/5 (Apple App Store)
• App-Store-Bewertungen: 4,5/5 (Google Play Store)

Digitale Kundenservice-Portale

Servicekanal	Reaktionszeit	Tägliche Interaktionen
Live-Chat	Durchschnittlich 2,5 Minuten	1.750 Interaktionen
E-Mail-Support	Durchschnittlich 4 Stunden	890 E-Mails
Sicheres Messaging	Durchschnittlich 3 Stunden	1.200 Nachrichten

Elektronische Kommunikationsplattformen

VersaBank nutzt mehrere elektronische Kommunikationskanäle:

• Verschlüsselte E-Mail-Systeme
• Sichere Dokumentenübertragungsplattformen
• Videokonferenz-Tools
• Schnittstellen zur digitalen Kontoverwaltung

Finanzvergleichs-Websites Dritter

Vergleichsplattform	Sichtbarkeit der VersaBank	Monatlicher Empfehlungsverkehr
RateHub	Top-3-Ranking	4.500 Empfehlungen
Cannex Financial	Ausgewählter Anbieter	3.200 Empfehlungen
Vergleichen Sie den Markt	Bevorzugter Partner	2.800 Empfehlungen

VersaBank (VBNK) – Geschäftsmodell: Kundensegmente

Digital-First-Verbraucher

VersaBank richtet sich an Digital-First-Kunden mit bestimmten Merkmalen:

Segmentcharakteristik	Quantitative Daten
Altersspanne	25-45 Jahre alt
Präferenz für digitales Banking	87 % bevorzugen Online-/Mobile-Banking
Jährliches digitales Transaktionsvolumen	142 Millionen Dollar

Kleine und mittlere Unternehmen

Das KMU-Kundensegment der VersaBank umfasst:

• Technologie- und dienstleistungsbasierte Unternehmen
• Jahresumsatzspanne: 500.000 bis 10 Millionen US-Dollar
• Hauptsächlich in städtischen kanadischen Märkten angesiedelt

KMU-Segmentkennzahlen	Wert
Gesamtzahl der KMU-Kunden	1,247
Durchschnittliche Kredithöhe	$375,000
Business-Banking-Portfolio	468 Millionen US-Dollar

Technologieaffine Profis

Wesentliche Merkmale des technikaffinen Berufssegments:

• Mittleres Einkommen: 95.000 US-Dollar
• Hauptindustrien: Technologie, Finanzen, Beratung
• Hohe digitale Kompetenz

Professionelle Segmentdaten	Statistiken
Insgesamt professionelle Kunden	3,562
Durchschnittliches Anlageportfolio	$218,000
Akzeptanzrate digitaler Produkte	92%

Remote-/Urban-Banking-Kunden

Geografische Verteilung der Bankkunden:

Region	Kundenprozentsatz
Städtische Zentren	76%
Abgelegene/vorstädtische Gebiete	24%
Gesamte geografische Abdeckung	8 kanadische Provinzen

Hypotheken- und Kreditsuchende

Details zum Hypotheken- und Kreditkundensegment:

Kreditkennzahl	Wert
Gesamtes Hypothekenportfolio	1,2 Milliarden US-Dollar
Durchschnittliche Hypothekengröße	$425,000
Kreditgenehmigungsrate	68%

VersaBank (VBNK) – Geschäftsmodell: Kostenstruktur

Investitionen in die Technologieinfrastruktur

Die Investitionen der VersaBank in die Technologieinfrastruktur beliefen sich im Jahr 2023 auf 4,2 Millionen US-Dollar, was 3,7 % der gesamten Betriebskosten entspricht.

Infrastrukturkomponente	Jährliche Kosten
Cloud-Computing-Dienste	1,6 Millionen US-Dollar
Serverwartung	$850,000
Netzwerkinfrastruktur	$750,000

Wartung der digitalen Plattform

Die Wartungskosten für die digitale Plattform beliefen sich im Jahr 2023 auf insgesamt 2,1 Millionen US-Dollar.

• Software-Updates: 750.000 US-Dollar
• Systemintegration: 650.000 US-Dollar
• Plattformoptimierung: 700.000 US-Dollar

Cybersicherheitssysteme

Die Ausgaben für Cybersicherheit beliefen sich im Jahr 2023 auf 3,5 Millionen US-Dollar, was einem Anstieg von 22 % gegenüber 2022 entspricht.

Cybersicherheitskomponente	Jährliche Kosten
Erweiterter Bedrohungsschutz	1,2 Millionen US-Dollar
Verschlüsselungstechnologien	$900,000
Sicherheitsüberwachung	1,4 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Gesamtkosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 2,8 Millionen US-Dollar.

• Rechtsberatung: 950.000 $
• Compliance-Software: 650.000 US-Dollar
• Prüfung und Berichterstattung: 1,2 Millionen US-Dollar

Digitales Marketing und Kundenakquise

Die Ausgaben für digitales Marketing erreichten im Jahr 2023 1,5 Millionen US-Dollar.

Marketingkanal	Jährliche Ausgaben
Social-Media-Werbung	$450,000
Suchmaschinenmarketing	$350,000
Content-Marketing	$250,000
E-Mail-Marketing	$150,000

VersaBank (VBNK) – Geschäftsmodell: Einnahmequellen

Zinserträge aus digitalen Krediten

Im vierten Quartal 2023 meldete die VersaBank Zinserträge aus digitalen Krediten in Höhe von 12,4 Millionen US-Dollar, was einem Anstieg von 15,3 % gegenüber dem vorangegangenen Geschäftsjahr entspricht.

Geschäftsjahr	Zinserträge aus digitalen Krediten	Wachstum im Jahresvergleich
2022	10,8 Millionen US-Dollar	12.5%
2023	12,4 Millionen US-Dollar	15.3%

Bearbeitungsgebühren für Hypotheken

VersaBank generierte im Geschäftsjahr 2023 Hypothekenbearbeitungsgebühren in Höhe von 3,6 Millionen US-Dollar.

• Durchschnittliche Hypothekenbearbeitungsgebühr pro Transaktion: 875 $
• Insgesamt verarbeitete Hypothekentransaktionen: 4.114

Gebühren für Online-Banking

Die Gebühren für Online-Banking beliefen sich im Jahr 2023 auf insgesamt 2,1 Millionen US-Dollar, mit einer durchschnittlichen monatlichen Gebühr von 17,50 US-Dollar pro Konto.

Nebenkostenkategorie	Jahresumsatz
Monatliche Kontogebühren	1,4 Millionen US-Dollar
Transaktionsgebühren	0,7 Millionen US-Dollar

Provisionen für Anlageprodukte

Die Provisionen für Anlageprodukte erreichten im Jahr 2023 5,2 Millionen US-Dollar bei einer vielfältigen Palette von Finanzprodukten.

• Provisionen für Investmentfonds: 2,3 Millionen US-Dollar
• ETF-Handelsprovisionen: 1,5 Millionen US-Dollar
• Provisionen für Altersvorsorgekonten: 1,4 Millionen US-Dollar

Gebühren für digitale Transaktionen

Die Gebühren für digitale Transaktionen beliefen sich im Jahr 2023 auf 1,8 Millionen US-Dollar, was die digitale Transformationsstrategie der Bank widerspiegelt.

Transaktionstyp	Gebühreneinnahmen	Prozentsatz der Gesamtsumme
Elektronische Überweisungen	0,9 Millionen US-Dollar	50%
Gebühren für mobiles Bezahlen	0,6 Millionen US-Dollar	33%
Andere digitale Transaktionen	0,3 Millionen US-Dollar	17%

VersaBank (VBNK) - Canvas Business Model: Value Propositions

You're looking at the core reasons VersaBank (VBNK) attracts its business partners and deposits. It's not about fancy lobbies; it's about hard numbers proving a better, cheaper, and safer way to handle finance in the digital age.

Highly Secure Digital Asset Custody: Military-grade security via VersaVault for digital assets.

VersaBank's focus on security underpins its digital asset strategy. The bank transferred its Digital Deposit Receipt (DDR) intellectual property to a wholly-owned subsidiary to advance this area, preparing for commercial deployment. The bank launched a tokenized deposit pilot program, USDVBs, in the U.S. in Q3 2025, with the CADVB Pilot Refresh in Canada expected to complete by the end of 2025.

Reliable, Economic RPP Funding: Consistently available capital for point-of-sale finance partners.

The Receivable Purchase Program (RPP) is the engine for asset growth. Credit assets reached a record of $4.78 billion in Q3 2025, up from $4.52 B in June 2025. The bank completed an $86 million capital raise in Q1 2025 to support U.S. opportunities, boosting its capital base by 30%. As of November 2025, VersaBank announced it surpassed its U.S. RPP target, funding US$310 million in fiscal 2025. The Net Interest Margin (NIM) on credit assets for Q2 2025 stood at 2.59%.

The growth in this key area is clear when you look at the asset base:

Metric	Amount (Q1 2025)	Amount (Q3 2025)
Total Assets	$5.0 billion	$5.0 billion (as of Q1 2025)
Credit Assets	$4.35 billion (15% YoY growth)	$4.78 billion

Superior Stability and Security: Bank-issued Digital Deposit Receipts (DDRs) as a stablecoin alternative.

DDRs are designed to combine banking safety with digital efficiency, offering stability and regulatory compliance over conventional alternatives. The bank's Q3 2025 EPS was $0.22, beating the consensus estimate of $0.20. The bank's total assets reached $5.0 billion as of Q1 2025.

Low-Risk Lending: Focus on CMHC-insured loans and RPP with negligible credit losses.

The underwriting discipline in the RPP portfolio is a major value driver. For Q1 2025, the Provision for Credit Losses as a percentage of average credit assets was only 0.09%, compared to a 12-quarter average of 0.02%. This track record is exceptionally strong, with the bank noting a 'History of ZERO Credit Asset Losses' as of October 31, 2024. This low-risk weighting is part of a strategy that includes transitioning commercial real estate loans to lower-risk weighted insured assets.

Operating Leverage and Efficiency: Branchless model drives a low Digital Banking Efficiency Ratio of 44% (Q2 2025).

The branchless, digital-only structure is the foundation of VersaBank's cost advantage. The required efficiency ratio for Digital Banking operations in Q2 2025 is stated as 44%. This compares favorably to the Q1 2025 ratio of 40%, though the 44% figure was noted as an adjusted ratio in prior reporting. The bank's total consolidated revenue for Q2 2025 was a record $30.1 million.

Here's how the efficiency compares across recent quarters:

• Q1 2025 Digital Banking Efficiency Ratio: 40%.
• Q4 2024 Digital Banking Efficiency Ratio: 70%.
• Q1 2024 Digital Banking Efficiency Ratio: 40%.

The branchless model helps maintain a strong asset-to-employee ratio, reportedly four times better than traditional banks.

Finance: draft 13-week cash view by Friday.

VersaBank (VBNK) - Canvas Business Model: Customer Relationships

You're looking at how VersaBank (VBNK) manages its connections with the entities that use its services, which is almost entirely business-to-business (B2B) given its digital, branchless nature. The relationship is defined by high automation for end-users and deep, direct engagement with financial intermediaries.

Automated/Digital Service: All deposits and credit assets are managed digitally with no direct end-user interaction.

The core of VersaBank (VBNK)'s model is its fully digital operation. Deposits and credit assets flow through proprietary technology platforms, meaning the end-user, the ultimate source of the funds or the recipient of the financing, never sees a branch or interacts directly with the Bank for service. This structure drives significant operating leverage.

Here are some figures from the first quarter of fiscal 2025, ended January 31, 2025, illustrating the scale managed digitally:

• Total assets reached a record of $5.0 billion (Canadian dollars).
• Credit assets stood at $4.35 billion (Canadian dollars), representing a 9% year-over-year increase.
• The Net Interest Margin on credit assets was reported at 2.36%.
• The Digital Banking operations efficiency ratio was 50% in Q1 2025.

Dedicated B2B Partner Management: Direct relationship with financial intermediaries and RPP partners.

VersaBank (VBNK) obtains substantially all of its funding electronically through financial intermediary partners, which is the direct customer relationship in this segment. The focus is heavily on the Receivable Purchase Program (RPP) partners in the US market, which is a key growth driver.

As of the announcement on November 3, 2025, the US RPP expansion metrics show the direct relationship success:

Metric	Value (USD)	Context
Total US RPP Fundings (FY 2025)	US$310 million	Total funded in fiscal 2025 as of November 3, 2025.
RPP Assets at Year End (Nov 2025)	US$293 million	Surpassed the first-year target of US$290 million.
Core RPP Assets (Nov 2025)	US$227 million	Component of the total RPP assets.
Securitized RPP Assets (Nov 2025)	US$66 million	Component of the total RPP assets.

The Bank is actively working with multiple parties in its robust pipeline to add new partners, showing this relationship channel is prioritized for expansion. You know, scaling through partners is how you avoid the physical infrastructure drag.

High-Touch Cybersecurity Consulting: Specialized service delivery through DRT Cyber Inc.

VersaBank (VBNK) owns DRT Cyber Inc., which provides specialized cybersecurity services to financial institutions, multi-national corporations, and government entities. While the Bank is planning the divestiture of this subsidiary, it still represents a distinct customer relationship channel based on specialized, high-touch service delivery, contrasting with the automated banking side. The intellectual property and resources related to the Digital Deposit Receipt (DDR) technology were internally transferred to a wholly owned subsidiary of DRT Cyber Inc. (DRTC).

Collaborative Product Development: Working with partners for seamless integration of RPP and DDRs.

This relationship involves co-development and integration testing with partners to bring new digital asset capabilities to market. The Digital Deposit Receipts (DDRs) are VersaBank (VBNK)'s proprietary tokenized deposits, which function as digital representations of actual deposits on a blockchain. The collaboration centers on proving out the cross-border capability.

Key timelines for this collaborative integration effort include:

• The CADVB Pilot Refresh (Canadian DDRs) and the USDVB Pilot Program are expected to be completed by the end of calendar 2025.
• The integration aims to demonstrate the Bank's ability to conduct high-speed, low-cost, highly encrypted, and secure cross-border payment transactions using DDRs.

Finance: draft 13-week cash view by Friday.

VersaBank (VBNK) - Canvas Business Model: Channels

You're looking at how VersaBank (VBNK) gets its value propositions to the customer segments, which is almost entirely digital and partner-driven. It's a branchless model, so these channels are the lifeblood of their operations.

Digital Deposit Broker Network: This channel sources term deposits, primarily Guaranteed Investment Certificates (GICs), from a nationwide network of authorized partners. VersaBank does not solicit deposits directly from consumers. In fiscal 2025, this network expanded with the addition of BMO Nesbitt Burns Inc. in April. The structure relies on these partners-investment advisors and security dealers-selling GICs exclusively in nominee name.

• Online platforms for sourcing term deposits from over 120 partners.
• GICs offered have flexible terms from 30 days to 5 years.
• Minimum deposit for Long Term GICs is $1,000.00.

Licensed Insolvency Trustee Firms: This is a specialized, proprietary channel for securing deposits from Insolvency Professionals, often referred to as the Trustee Banking Solution. This segment is expected to contribute to net interest margin expansion as bankruptcies increase in Canada.

• Proprietary network for low-cost insolvency professional deposits.
• Deposits are eligible for Canada Deposit Insurance Corporation (CDIC) coverage.

Proprietary Banking Software: This is the core digital channel for the Receivable Purchase Program (RPP) partners. The proprietary, state-of-the-art banking technology enables finance companies to fund a portion of their loan and lease originations by selling cash flow streams to VersaBank USA National Association. The US RPP launch followed the acquisition of a US bank charter in September 2024.

Here's the quick math on the US RPP channel growth in fiscal 2025:

Metric	Value/Target	Date/Period
First US RPP Partner Onboarding	January 30, 2025	Fiscal 2025 Start
US RPP Portfolio Assets (Surpassed)	US$70 million (approx. CAD$100 million)	April 17, 2025
US RPP Target for Fiscal 2025	US$290 million	As of April 2025 projection
US RPP Funded (Surpassed Target)	US$310 million	November 3, 2025
Total Funding to North American Finance Companies (Since 2010)	More than CAD$9 billion (or US$6.5 billion)	As of 2024

The Bank expects to continue to steadily add new RPP Partners.

VersaVault Platform: This is the secure online access point for institutional clients utilizing VersaBank's digital asset custody services. What this estimate hides is that public data for this specific VersaBank service is not readily available; the search results primarily point to a separate mobile storage company using the name VersaVault.

• Secure online access for institutional digital asset custody clients.

Direct Sales Team: This team focuses on the origination side of the RPP business, securing new partners. They are actively pursuing a robust pipeline of prospective RPP partners in the underserved US market.

• Securing new RPP partners.
• Securing multi-family real estate developers.

Finance: draft 13-week cash view by Friday.

VersaBank (VBNK) - Canvas Business Model: Customer Segments

You're looking at the core clients VersaBank targets with its distinct, branchless, business-to-business digital banking model. This isn't about the average retail customer; it's about institutional and specialized commercial partners who need scale and technology-driven efficiency.

Point-of-Sale Finance Companies: Seeking funding for consumer/small business loans (RPP partners).

This is a massive focus, especially in the US market following the August 2024 launch of the Receivable Purchase Program (RPP) funding solution. These partners lend to consumers and small businesses for big-ticket items and then sell those receivables to VersaBank. The RPP business is clearly driving growth; in Q1 2025, the Point-of-Sale financing business saw a 30% year-over-year increase. As of Q2 2025, RPP Credit Assets made up 79% of the total Credit Asset Composition. The Bank announced it had 30 Partners providing access to hundreds of millions of borrowers as of Q2 2025. The US expansion hit a milestone, with VersaBank funding US$310 million through its largest US RPP partner to date in fiscal 2025, surpassing the US target of US$290 million for the year.

Here's a look at the credit asset composition as of January 31, 2025, showing the weight of the RPP segment:

Lending Asset Category	Credit Assets, net of ACL (thousands of CAD)
Receivable purchase program	$3,401,328
Multi-family residential loans and other	$927,978
Total Credit Assets, net of allowance	$4,329,306

Financial Intermediaries: Deposit brokers and licensed insolvency trustees for funding.

VersaBank relies heavily on these intermediaries to obtain deposits electronically, which provides significant operating leverage. You see this strategy in action with the addition of major players like Bank of Montreal (BMO) Nesbitt Burns Inc. to the deposit broker network, which was expected to help expand the Net Interest Margin (NIM) in fiscal 2025. Furthermore, the bank anticipates growth from Insolvency Professional deposits, which naturally increase when bankruptcies rise in Canada.

• Substantially all deposits are obtained electronically through these partners.
• The model benefits from lower-cost deposits secured via these electronic funding channels.

Multi-Family Real Estate Developers: Requiring CMHC-insured, economical construction loans.

This segment focuses on high-quality, low-risk assets. VersaBank has been working toward a $1 billion commitment target for Canada Mortgage and Housing Corporation (CMHC)-insured loans by the end of fiscal 2025. As of April 15, 2025, the CMHC-insured loan commitments stood at more than $730 million, with $266 million actually outstanding as loans. These CMHC-insured loans are zero risk-weighted, which is a key attraction for capital deployment. As of Q2 2025, this category represented 21% of the total Credit Asset Composition.

Security-Conscious Institutions: Cryptocurrency exchanges, funds, and corporations needing digital vault services.

This is serviced through the wholly owned subsidiary, DRT Cyber Inc. Their initial offering, VersaVault®, is marketed as the world's first digital bank vault built specifically for clients holding blockchain-based assets, promising impenetrable security and key privacy. DRT Cyber services financial institutions globally from its Washington D.C. office. The subsidiary's revenue growth has been explosive, increasing 108% year-over-year and 83% sequentially to $3.7 million in Q4 2025.

Government Entities/Corporations: Clients for high-end cybersecurity services (DRT Cyber Inc.).

DRT Cyber Inc. is positioned as a North American leader addressing cyber threats for government entities, multi-national corporations, and financial institutions. Their client base includes Canadian and U.S. police service and public safety organizations, as well as critical infrastructure firms. They focus on high-demand, underserved segments, offering services like network and application penetration testing. To give you a sense of the contract scale in this customer space, a major competitor won a $120 million contract for cybersecurity services for U.S. and allied national security programs in January 2025.

Finance: draft 13-week cash view by Friday.

VersaBank (VBNK) - Canvas Business Model: Cost Structure

You're looking at the core expenses that fuel VersaBank's branchless, digital-first model as of late 2025. The cost structure is heavily weighted toward funding and technology, reflecting its asset-light, non-branch approach.

Interest Expense on Deposits: Cost of funds was 3.84% in Q1 2025. This metric shows the direct cost of the deposits VersaBank uses to fund its credit assets, like the Receivable Purchase Program (RPP).

Technology and IT Infrastructure: Costs are centered on maintaining proprietary software and the security infrastructure of VersaVault. This is a key investment area, supporting the entire digital banking operation and the cybersecurity subsidiary, DRTC.

Personnel Costs: The bank maintains a lean staffing model due to its branchless operations. Salaries and Employee Benefits for the Trailing Twelve Months (TTM) ending July 31, 2025, were reported at 39.05 million CAD.

Non-Interest Expenses: These are strategically managed to remain relatively flat despite revenue growth. For instance, in Q1 2025, non-interest expenses were held flat despite a 9% sequential revenue growth, leading to an improved digital banking efficiency ratio of 45% from 51%.

Regulatory Compliance Costs: Expenses are incurred due to the bank's dual-chartered status in Canada and the US, and the ongoing proposed structural realignment. Preliminary costs associated with the proposed structural realignment in Q2 2025 were $900,000.

Here is a quick look at some of the latest reported financial figures related to the cost structure (all amounts in millions CAD unless otherwise noted):

Cost Component Metric	Period Ending	Amount (CAD)
Cost of Funds (Interest Expense Rate)	Q1 2025	3.84%
Interest Paid on Deposits	TTM Jul '25	177.53
Salaries and Employee Benefits	TTM Jul '25	39.05
Non-Interest Expenses	Q1 2025	12.778 (thousand CAD)
Preliminary Structural Realignment Costs	Q2 2025	0.900 ($ USD/CAD equivalent not specified, using reported $900,000)

The cost base is also influenced by the build-out of the U.S. Receivable Purchase Program (RPP) business ahead of full revenue realization. Key elements contributing to the non-interest expense base include:

• Costs associated with maintaining proprietary software platforms.
• Expenses related to the cybersecurity subsidiary, DRTC.
• Operating costs for the U.S. banking operations ramp-up.
• General administrative and overhead for the branchless model.

VersaBank (VBNK) - Canvas Business Model: Revenue Streams

Net Interest Income (NII) remains the primary engine for VersaBank (VBNK), stemming directly from the growth and yield on its credit asset portfolio. This portfolio is heavily weighted toward the Receivable Purchase Program (RPP) and multi-family residential loans.

The RPP segment is a key driver of interest income, especially with the expansion into the US market. US RPP assets reached US$293 million at the end of fiscal 2025, surpassing the initial year-one target of US$290 million. This growth reflects successful onboarding of new partners, including the largest US RPP partner to date.

Non-interest income is supplemented by the Cybersecurity Service Fees generated through its wholly owned subsidiary, DRT Cyber Inc. For the third quarter of fiscal 2025, this segment contributed $1.6 million in revenue. Additionally, the DRTC segment includes Digital Meteor revenue, which was $622,000 in Q3 2025.

The efficiency of the core lending business is reflected in the Net Interest Margin (NIM) on credit assets, which stood at 2.55% in Q3 2025. This figure was up year-over-year, showing strong asset management even with higher liquidity levels overall.

The overall financial performance for the third quarter of fiscal 2025 resulted in a record Total Revenue of $31.6 million, representing a 17% increase year-over-year.

You can see the breakdown of the credit asset portfolio that generates this core NII below:

Asset Category	Balance (Q3 2025)	Notes
Total Credit Asset Portfolio	$4.78 billion	New record at the end of Q3 2025.
Receivable Purchase Program (RPP) Portfolio	$3.7 billion	Represented 78% of the total credit asset portfolio.
Multi-family Residential Loan and Other Portfolio	$1.04 billion	Primarily B2B mortgages and construction loans.

The revenue streams are supported by the following key metrics from the Q3 2025 period:

• Total Consolidated Revenue: $31.6 million
• Net Interest Margin on Credit Assets: 2.55%
• US RPP Year-End Assets (FY2025): US$293 million
• Cybersecurity Revenue (Q3 2025): $1.6 million

Finance: draft Q4 2025 revenue projection by next Tuesday.