Latest news with #AnthonyLacavera
Cision Canada
07-07-2025
- Business
- Cision Canada
WealthONE Bank Acquisition by Globalive-Led Consortium Completed
Transaction positions federally chartered digital bank for expanded service to diverse Canadian markets TORONTO, July 7, 2025 /CNW/ - Wealth One Bank of Canada ("WealthONE" or the "Bank") and Globalive today announced the successful completion of the acquisition of WealthONE by a consortium of strategic investors led by Globalive, marking a transformative milestone for the federally chartered Schedule I digital bank. The transaction provides WealthONE with the capital foundation and strategic expertise needed to accelerate its mission of delivering accessible, innovative banking solutions to a broad cross-section of Canadians, with particular focus on self-employed individuals, entrepreneurs, high net worth individuals, investors with multiple properties seeking specialized lending solutions, and newcomers to Canada. "This acquisition positions WealthONE to compete more effectively as a challenger in Canada's banking sector," said Anthony Lacavera, Chairman of Globalive. "We're committed to supporting the Bank's growth trajectory and its important role in expanding financial inclusion across the country." Paul Leonard, President and CEO of WealthONE emphasized the Bank's commitment to serving diverse Canadian communities: "We're entering this new phase with renewed energy and resources to enhance our work in service of Canadians who have been underserved by traditional banking. Our focus remains on delivering straightforward, customer-centric solutions that our clients need to achieve their financial goals." Strategic Vision for Expansion Under the new ownership, WealthONE will advance its core mission of providing specialized lending solutions and exceptional everyday banking while expanding its reach through three key priorities: Digital Banking Excellence: Building on its recognition as one of Canada's Top 3 Best Online Banks by Forbes Advisor, WealthONE will continue developing its full-service online and mobile banking platform to deliver safe, convenient, and responsive customer experiences. Expanding Specialized Solutions: The Bank will broaden its borrowing solutions for unique situations, leveraging its expertise across diverse client segments. Strengthened Customer Relationships: WealthONE will strengthen its highly personalized, multilingual customer service, while building strategic partnerships to drive continued innovation. Consortium of Strategic Investors The acquisition consortium brings together investors with deep expertise across financial services, telecommunications, wealth management, and technology sectors. Key consortium members include: Beedie Capital – Multi-strategy investment platform representing one of western Canada's largest private companies Grasslands Finance – Specializing in innovative lending solutions and life insurance financing Chris Kayat and Gary Mauris – Co-founders of Dominion Lending Centres with significant mortgage and lending expertise Optimize Financial Group – Comprehensive wealth management services provider Anthony Lacavera – Founder of Freedom Mobile and veteran of over 150 global ventures "WealthONE is a unique Schedule I banking platform that can lead with a first principles and tech forward approach to delivering differentiated services into the traditionally slow moving, inflexible Canadian banking sector," said David Bell, President of Beedie Capital. Gary Mauris, co-founder and CEO of Dominion Lending Centres, added: "Joining WealthONE's shareholder group is a milestone we're thrilled to celebrate. The journey is challenging, but the opportunity to innovate and build a bank we're proud to stand behind makes it all worthwhile." Matthew McGrath, President and CEO and Chief Investment Officer of Optimize Financial Group, said: "I could not be more excited to see how WealthONE gets transformed into an industry leading financial institution, fixated on its clients and focused on the future." Strengthened Governance and Leadership The Bank's newly constituted board combines seasoned financial services professionals with technology and regulatory expertise. John Webster (Board Chair) – Seasoned financial services executive with 37 years of experience in mortgage lending, trust services, and banking. His industry and governance expertise includes directorships at Manulife Bank of Canada, Manulife Trust Company, Scotia Mortgage Authority, and Maple TrustCo, as well as Cargojet Inc. and Dundee Financial Corp. Daniel Burns – Chair of CubicFarm Systems Corp and former Board Chair of Central 1 Credit Union Jason Cave – Regulatory expert with 30 years of experience at FHFA and FDIC Tuula Jalasjaa – Former Scotiabank senior executive, founder of The Women's Collection, and current WealthONE director Alfred Lau – Private equity leader, former KPMG partner with 35 years of global experience, and current WealthONE director Simon Lockie – Corporate M&A lawyer and Chief Legal Officer at Globalive Matthew McGrath – President and CEO of Optimize Financial Group with 25 years in wealth management Gary Selke – President of Cypress Hill Capital and former CEO of Front Street Capital Paul Leonard (President and CEO) – Banking industry veteran instrumental in launching Canadian challenger banks The Bank's executive leadership team, led by CEO Paul Leonard, remains in place to ensure operational continuity. About WealthONE Bank of Canada A federally chartered Canadian Schedule 1 digital bank, headquartered in Toronto ON provides Canadians across the county with a safe, convenient, and responsive experience for their everyday banking, borrowing, savings and investing needs. WealthONE was recently recognized by Forbes Advisor as one of Canada's Top 3 Best Online Banks: Wealth One Bank of Canada is a member of the Canadian Deposit Insurance Corporation (CDIC). For more information about WealthONE, please visit: WealthONE is a registered trade name of Wealth One Bank of Canada in all provinces except Quebec. INFOR Financial Inc. acted as the exclusive financial advisor of the Bank on this transaction. About Globalive Globalive is the diversified investment company of Anthony Lacavera and partners. Globalive focuses on long term investments globally in the Telecom, Financial services, and Longevity industries. The Globalive team has a build studio focused on building and operating select high growth companies.
Bloomberg
18-06-2025
- Business
- Bloomberg
Globalive Bid for Canada's Wealth One Bank Wins Federal Approval
Freedom Mobile founder Anthony Lacavera's investment firm won federal approval to acquire Wealth One Bank of Canada. Globalive led a consortium of Canadian investors to buy all the issued and outstanding shares of the digital bank, founded in 2016. The government of Canada approved the transaction, Globalive said in a statement Wednesday, and the deal is expected to be completed 'within weeks.'
Cision Canada
18-06-2025
- Business
- Cision Canada
Acquisition of WealthONE Bank by Canadian Consortium of Investors Led by Globalive Approved by Government of Canada
With all conditions to complete the acquisition met, the transaction is expected to close within weeks Bank to continue to operate as a federally regulated Schedule I bank under its current charter, with no changes to its day-to-day operations. TORONTO, June 18, 2025 /CNW/ - WealthONE Bank of Canada ("WealthONE" or the "Bank") and Globalive are pleased to announce that the Government of Canada has approved the acquisition of all the issued and outstanding shares of the Bank by a consortium of Canadian investors led by Globalive. "We are taking a long-term growth approach with WealthONE, with a consortium of strategic investors alongside permanent capital from Globalive," said Anthony Lacavera, Chairman of Globalive. Mr. Lacavera added "We look forward to closing the transaction, capitalizing the Bank, and supporting its next phase of growth." Mr. Lacavera also added "This important milestone reflects the sustained efforts of Simon Lockie and the Globalive team throughout a comprehensive and rigorous review process." Paul Leonard, President and CEO of WealthONE said, "We're very happy to partner with Globalive, whose strategic vision aligns perfectly with our commitment to supporting customers with practical financial solutions." Since its establishment nearly a decade ago, WealthONE has been dedicated to meet the evolving needs of Canadians. The Bank has expanded its services to support a diverse clientele, including self-employed individuals, entrepreneurs, and those seeking straightforward, financial tools to manage their financial futures. WealthONE is well-positioned to continue its growth and enhance its contribution to Canada's financial landscape. The Bank will continue to operate as a federally regulated Schedule I bank under its current charter, with no changes to its day-to-day operations. INFOR Financial Inc. acted as the exclusive financial advisor to WealthONE on this transaction. About WealthONE Bank of Canada A federally chartered Canadian Schedule 1 digital bank, headquartered in Toronto ON provides Canadians across the county with a safe, convenient, and responsive experience for their everyday banking, borrowing, savings and investing needs. WealthONE was recently recognized by Forbes Advisor as one of Canada's Top 3 Best Online Banks: Wealth One Bank of Canada is a member of the Canadian Deposit Insurance Corporation (CDIC). For more information about WealthONE, please visit: WealthONE is a registered trade name of Wealth One Bank of Canada in all provinces except Quebec. INFOR Financial Inc. acts as the exclusive financial advisor of the Bank on this transaction. About Globalive Globalive is the diversified investment company of Anthony Lacavera and partners. Globalive focuses on long term investments globally in the Telecom, Financial services, and Longevity industries. The Globalive team has a build studio focused on building and operating select high growth companies.
Globe and Mail
18-06-2025
- Business
- Globe and Mail
Globalive says Ottawa has approved its bid for Wealth One Bank
A consortium of Canadian investors led by Globalive Corp. says it has secured the federal government's approval to acquire Toronto-based Wealth One Bank of Canada, two years after Ottawa ordered three of its founding investors to divest their shares in the bank. Globalive, a private company run by wireless-telecom entrepreneur Anthony Lacavera, said in a statement that it has met all of the conditions to complete the acquisition and that the deal is expected to close within weeks. 'We're very happy to partner with Globalive, whose strategic vision aligns perfectly with our commitment to supporting customers with practical financial solutions,' Wealth One president and chief executive Paul Leonard said in a statement. Wealth One is a Schedule 1 bank catering to Chinese-Canadian clients, and its assets total more than $516-million, most of which are uninsured mortgages on residential real estate. The bank opened its doors in 2016 with a $50-million investment from backers and has never turned a profit. Globalive had outlined a growth strategy based on expanding Wealth One's residential mortgage business and providing lines of credit to individual borrowers. The deal will see all of Wealth One's current investors divest their shares and the ownership of the bank move into a special purpose vehicle, or SPV, a legal entity that allows multiple investors to pool their capital and make an investment in a single company. Globalive will be responsible for governance over the SPV, while other investors will be limited partners with only an economic interest in the company. In 2023, then-finance minister Chrystia Freeland ordered three of the bank's founding investors – Toronto insurance executive Shenglin Xian, Vancouver property developer Morris Chen and Toronto grocery tycoon Yuansheng Ou Yang – to divest their shares and imposed national-security conditions on the bank. Under the deal, the three will divest their shares but maintain an economic stake through the special purpose vehicle. The office of the current Finance Minister, François-Philippe Champagne, did not immediately respond to a request for comment. Ottawa ties Wealth One founders to possible Chinese interference 'We are taking a long-term growth approach with Wealth One, with a consortium of strategic investors alongside permanent capital from Globalive,' Mr. Lacavera, chair of Globalive, said in a statement. 'We look forward to closing the transaction, capitalizing the bank, and supporting its next phase of growth,' he added. Over the past three years, Wealth One has operated with security measures in place meant to guard against money laundering and unauthorized sharing of sensitive information. Early last year, Globalive made a bid to buy a 54-per-cent stake in Wealth One for $51-million and invest up to $200-million in expanding the business. In December, 2024, the Competition Bureau approved the acquisition. Globalive said Tuesday the acquisition is now valued at $58-million for a 65-per-cent stake held by Globalive and the consortium, with legacy investors holding the remainder. Globalive's backers include high-net-worth families in Canada, Britain and the United States with experience investing in the financial sector, The Globe and Mail previously reported. Mr. Lacavera founded Wind Mobile in 2008 with financial backing from Egyptian billionaire Naguib Sawiris. In 2016, it was sold for $1.6-billion to Shaw Communications Inc., which renamed it Freedom Mobile. To win regulatory approval for Shaw's sale to Rogers Communications Inc. in 2023, Rogers sold Freedom Mobile – the country's fourth-largest wireless carrier – to Quebecor Inc. for $2.85-billion. At the time, Mr. Lacavera made an unsuccessful bid for Freedom Mobile. Mr. Lacavera is also the co-founder and CEO of an artificial intelligence-powered longevity platform.
Yahoo
04-02-2025
- Business
- Yahoo
Canada Tech Leaders Launch Group to Influence Political Upheaval
(Bloomberg) -- A group with the backing of top Canadian tech entrepreneurs has launched an effort to promote policies ahead of a general election this year. State Farm Seeks Emergency California Rate Hike After Fires New York's First 'Passive House' School Is a Model of Downtown Density When French Communists Went on a Brutalist Building Boom NYC's Newest Transit Leader Builds a Worker-Driven Strategy Historic London Elevator Faces Last Stop in Labour's Housing Push The 'Build Canada' website appeared on Tuesday with a list of supporters featuring several members of the executive team at Shopify Inc., venture capitalist and entrepreneur Anthony Lacavera, as well as the co-founders of AI startup Cohere Inc. and fintech startup Wealthsimple Inc. Its core team includes former Shopify Vice President Daniel Debow and former government official Lucy Hargreaves, now head of corporate affairs at tech company Patch. The site bemoans the 'small thinking, bureaucratic inertia and special interests' holding Canada back. It says it's non-partisan, and features articles by business figures with policy ideas such as talent-driven immigration reform — instead of 'providing residency as a form of charity' — revamping programs to promote pro-Canadian cultural content, updating and integrating health records, and centralizing transportation regulation. It also promotes 'selling more Canadian products and resources.' Canada is due to hold a general election by October. The public focus by tech leaders on policy making echoes the role their American peers played in November's US election. That influence was epitomized by the efforts of Tesla Inc. Chief Executive Officer Elon Musk, who poured more than $250 million into political groups and helped President Donald Trump create the Department of Government Efficiency. Much lower political donation limits prevent the same playbook from being employed in Canada. Build Canada, Shopify, Wealthsimple and Cohere didn't immediately respond to requests for comment. Elon Musk Inside the Treasury Department Payment System Amazon and SpaceX Want In on India's Satellite Internet Market The NFL's Flawed DEI Program Still Beats What Most Companies Are Doing The Internet Almost Killed Barnes & Noble, Then Saved It Indy Pass, the Anti-Vail Seasonal Ski Ticket, Is Gaining Fans ©2025 Bloomberg L.P.
