Globalive Secures WealthONE in a Strategic Move for Long-Term Expansion
Toronto-based Globalive, a company known for its support of over 150 ventures across various sectors, has announced the acquisition of WealthONE Bank of Canada. The deal, valued at $58 million for a 65% stake, was finalized in early July 2025 following a national security review and a federal government order requiring the bank’s founders to divest their interests.
The acquisition marks another significant move in Globalive's portfolio expansion and an "important milestone" for WealthONE, according to Anthony Lacavera, Chairman of Globalive. The acquisition includes support from a consortium of strategic investors, alongside permanent capital from Globalive, pooled into a special purpose vehicle.
Post-acquisition, WealthONE continues its operations as a federally chartered Schedule I bank, with no changes to its day-to-day operations. The bank has gained a strengthened capital foundation and strategic expertise from Globalive, enabling it to accelerate its mission.
The acquisition positions WealthONE to expand services to diverse Canadian markets, particularly focusing on self-employed individuals, entrepreneurs, high net worth clients, real estate investors, and newcomers to Canada. The bank aims to compete more effectively as a challenger bank in Canada’s financial sector, focusing on expanding financial inclusion nationwide.
WealthONE intends to deliver accessible, innovative, and customer-centric banking solutions tailored to meet the needs of underserved communities. There are plans to raise additional capital and continue expanding its range of services.
Paul Leonard, chief executive officer of WealthONE, expressed his happiness about partnering with Globalive, whose strategic vision aligns with WealthONE's commitment to supporting customers with practical financial solutions.
Globalive, with its investment strategy focusing on "backing high-trust people solving hard problems in regulated or overlooked spaces," looks forward to closing the transaction and capitalizing WealthONE for its next phase of growth.
[1] Globalive Press Release, July 2025 [2] WealthONE Press Release, July 2025 [3] Government of Canada Press Release, July 2025 [4] The Globe and Mail, July 2025 [5] Financial Post, July 2025
- In this acquisition, Globalive's investment in WealthONE Bank of Canada is seen as a strategic move, positioning the bank to expand financial services across diverse Canadian markets, particularly targeting self-employed individuals, entrepreneurs, high net worth clients, real estate investors, and newcomers to Canada.
- With the acquisition, WealthONE intends to leverage Globalive's strategic expertise and permanent capital to enhance its mission, deliver accessible, innovative, and customer-centric banking solutions tailored to meet the needs of underserved communities, and compete more effectively as a challenger bank in Canada’s financial sector.
