VersaBank is a small, branchless Canadian Schedule I chartered bank that operates on a fully digital, business-to-business model. Its core business is the Receivable Purchase Program (RPP), through which VersaBank buys loan receivables from point-of-sale financing companies — its origination partners — who lend to consumers for big-ticket purchases like home improvement and HVAC systems. Rather than lending directly to consumers, VersaBank provides the capital behind these partners' lending programs. A key structural feature is the "holdback": a portion of the purchase price is withheld from origination partners as a cash reserve that absorbs credit losses before they reach VersaBank, resulting in near-zero credit losses historically. VersaBank funds itself digitally through deposit brokers (selling GICs through a broker network) and insolvency trustee deposits — a proprietary, low-cost channel where VersaBank's software integrates directly with case management tools used by Canadian insolvency professionals. VersaBank makes money on the spread between RPP asset yields and deposit costs. Its branchless model keeps costs lean, generating operating leverage as the asset base grows. The Canadian RPP portfolio stood at roughly $4.0B as of fiscal year-end 2025. VersaBank is now replicating the RPP in the U.S. through VersaBank USA, where the portfolio had reached roughly USD $315M. The U.S. RPP is expected to generate roughly 100 bps more spread than the Canadian program. VersaBank also plans to syndicate U.S. RPP loans to community banks to scale beyond its own balance sheet.