VersaBank (NASDAQ: VBNK) pilots AI-enabled real-time point-of-sale receivable
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
VersaBank has started a pilot program with long-time partner FinanceIt Canada Inc. to test its new AI-enabled Real-Time Structured Receivable Program for point-of-sale financing. The solution aims to fund individual loans within hours, reducing the need for partners to warehouse receivables and lowering financing costs.
The Real-Time SRP also lets VersaBank apply its internal AI to analyze underlying loans one by one, supporting its risk mitigation approach. As of January 31, 2026, VersaBank’s Structured Receivable Program portfolio exceeded CAD$4.4 billion and has grown at a compounded annual rate of 33% over the last five years.
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Insights
VersaBank is piloting real-time, AI-enabled point-of-sale funding with an existing partner.
VersaBank is testing its Real-Time Structured Receivable Program with FinanceIt, shifting its successful SRP model from batch funding to near-instant funding of individual loans. This may improve economics for partners by cutting warehousing periods and related financing costs.
The bank also highlights use of its internal AI platform to evaluate loans underlying each receivable, consistent with its focus on risk mitigation. Context figures show SRP scale: the portfolio exceeded CAD$4.4 billion as of January 31, 2026, with a compounded annual growth rate of 33% over five years and US$310 million in first-year U.S. fundings versus a US$290 million target.
Key Figures
SRP portfolio size: CAD$4.4 billion
SRP 5-year CAGR: 33%
U.S. SRP first-year fundings: US$310 million
+2 more
5 metrics
SRP portfolio size
CAD$4.4 billion
Structured Receivable Program portfolio as of January 31, 2026
SRP 5-year CAGR
33%
Compounded annual growth rate of SRP portfolio over last five years
U.S. SRP first-year fundings
US$310 million
Fundings completed in first year of U.S. SRP launch
U.S. SRP first-year target
US$290 million
Bank’s stated first-year funding target for U.S. SRP
Total funding since 2010
CAD$14 billion
Funding provided to North American financing companies since SRP launch in 2010
Key Terms
Real-Time Structured Receivable Program, Structured Receivable Program, point-of-sale financing, warehouse financing, +1 more
5 terms
Real-Time Structured Receivable Program financial
"the Bank’s new Real-Time Structured Receivable Program (“Real-Time SRP”)"
A real-time structured receivable program is a financing setup where a company turns its customer invoices into immediate cash by selling or pledging them through an organized system that updates continuously as new invoices are created. For investors it offers a way to earn short-term returns tied to the timing and credit quality of those receivables — like buying a steady stream of small IOUs — and matters because it directly affects a company’s liquidity, risk profile, and near-term cash flow stability.
Structured Receivable Program financial
"VersaBank’s Structured Receivable Program (“SRP”) is an innovative and highly attractive digital funding solution"
A structured receivable program is a financing arrangement where a company turns its future customer payments into immediate cash by selling or pledging those expected receipts into a dedicated pool or vehicle. Think of it like selling future paychecks today to get money now; investors watch these programs because they change a company’s cash flow and risk profile, can affect reported debt and earnings, and rely on the quality and predictability of the underlying payments.
point-of-sale financing financial
"a breakthrough innovation in point-of-sale financing, providing the same reliable, economically attractive funding solution"
Point-of-sale financing is a payment option offered to buyers at the moment they check out, letting them split a purchase into installments or get short-term credit instead of paying the full amount upfront. For investors, it matters because it can boost sales, raise average order size and customer conversion rates for merchants, while creating fee and interest revenue — but it also introduces credit risk and reliance on consumer spending patterns.
warehouse financing financial
"reducing the overall financing cost and the need for warehouse financing"
Warehouse financing is a short-term loan arrangement where a lender advances money against a company’s stock of goods or recently originated loans so the company can keep operating until those assets are sold or packaged for longer-term funding. Think of it like a temporary storage locker loan that frees up cash now by using inventory or loan pools as collateral. For investors, it matters because changes in warehouse financing can quickly affect a company’s cash flow, leverage and vulnerability to funding disruptions.
risk-adjusted returns financial
"designed to provide scalable, capital-efficient growth for the Bank with strong credit performance and attractive risk-adjusted returns"
A way of measuring investment performance that adjusts raw returns to account for how much risk was taken to earn them. Think of it like comparing two cars by not just top speed but also fuel efficiency: a higher ‘speed per gallon’ is more impressive. For investors it shows whether higher profits came from smart choices or simply from taking bigger chances, helping compare funds and make safer portfolio decisions.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2026
Commission File Number: 001-40805
VersaBank
(Exact name of registrant as specified in its charter)
140 Fullarton Street, Suite 2002
London, Ontario N6A 5P2
Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F o Form 40-F x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
On April 29, 2026, VersaBank issued a press release titled "VersaBank announces industry breakthrough innovation in Point-of-Sale financing with start of pilot program for AI-enabled Real-Time Structured Receivable Program", a copy of which is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K.
The information in this Form 6-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| VERSABANK | ||||||||
| Date: April 29, 2026 | By: | /s/ Brent T. Hodge | ||||||
| Name: Brent T. Hodge | ||||||||
| Title: Global SVP & General Counsel | ||||||||
EXHIBIT INDEX
Exhibit No. | Description | |||||||
99.1 | Press Release dated April 29, 2026 titled "VersaBank announces industry breakthrough innovation in Point-of-Sale financing with start of pilot program for AI-enabled Real-Time Structured Receivable Program". | |||||||
For Immediate Release: April 29, 2026 Attention: Business Editors VERSABANK ANNOUNCES INDUSTRY BREAKTHROUGH INNOVATION IN POINT-OF-SALE FINANCING WITH START OF PILOT PROGRAM FOR AI-ENABLED REAL-TIME STRUCTURED RECEIVABLE PROGRAM – Industry First Real-Time SRP Capability Significantly Expands VersaBank’s Addressable Point-of-Sale Market in Both Canada and United States; Provides Immediate Economic Benefit to Existing Partners – – Real-Time Funding Capability Significantly Strengthens Bank’s Competitive Advantage by Providing Immediate Incremental Economic Benefit to Existing Partners – LONDON/ON/CNW/ VersaBank (TSX: VBNK; NASDAQ: VBNK) (“VersaBank” or the “Bank”) a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced it has commenced a pilot program with one of its major Structured Receivable Program partner, FinanceIt Canada Inc. (“FinanceIt”), for the Bank’s new Real-Time Structured Receivable Program (“Real-Time SRP”) (the “Pilot Program”). The purpose of the Pilot Program is to demonstrate the functionality and operational integrity of the Real-Time SRP in a limited- scale, real-world scenario to refine the solution for full implementation by FinanceIt and simultaneous roll out to all VersaBank’s current and prospective SRP partners in both Canada and the United States. VersaBank’s Real-Time SRP is a breakthrough innovation in point-of-sale financing, providing the same reliable, economically attractive funding solution as the Bank’s existing SRP, with the additional benefit of eliminating the need for SRP partners to warehouse multiple receivables over a period of time (typically from five to 30 or more days). This enables the Bank’s SRP partners to finance individual loans within just hours, reducing the overall financing cost and the need for warehouse financing. It also further strengthens VersaBank’s exceptional risk mitigation capabilities by enabling the Bank to better leverage its own, internal AI platform through evaluation of the partner loans underlying the SRP receivables on an individual basis. “VersaBank’s Real-Time Structured Receivable Program takes our unique and highly successful digital point-of-sale financing solution to a whole new level, further extending our competitive advantage and, more importantly, significantly expanding the addressable market for our SRP on both sides of the border,” said David Taylor, Founder and President, VersaBank. “In Canada, we expect the launch of our Real-Time SRP to enable us to win additional financing business with our existing partners while enabling us to acquire new partners with more specialized financing needs that we were previously unable to address. In the United States, where our current SRP has been very well received by the point-of-sale industry and demand is exceeding our expectations, the addition of real-time capability will enable us to further capture market share from securitized financing providers, expanding our growth potential there.” Mr. Taylor continued, “Our Real-Time SRP is yet another in our long track record of firsts in the banking industry. We are, as we always have been, as much a software and technology company as we are a
national, federally licensed bank. The Real-Time SRP is the result of our relentless pursuit of continuous innovation to address underserved markets in the banking industry based on our internally developed, proprietary core banking software, which is now being supercharged by the addition of our own AI technology.” “We are especially proud to be bringing this cutting-edge innovation to this time in support of both the Canadian Federal Government’s and the Office of the Superintendent of Financial Institutions’ stated desire to support the economic activity of both small business and consumers.” “VersaBank’s Real-Time SRP is a game changer. The ability to instantly finance individual loans significantly enhances the efficiency and economics of our long-standing strategic relationship with VersaBank and is aligned with our own long term innovation objectives.” said Casper Wong, CEO of FinanceIt. “For more than a decade, VersaBank’s Structured Receivable Program has been foundational to our growth and success. We look forward to the significant additional benefits that the Real-Time SRP will generate for our business.” ABOUT VERSABANK’S STRUCTURED RECEIVABLE PROGRAM VersaBank’s Structured Receivable Program (“SRP”) is an innovative and highly attractive digital funding solution for finance companies that lend money to consumers and small businesses for what are typically "big ticket" purchases (e.g. consumer home improvement/HVAC projects and a wide variety of commercial equipment). It was specifically designed to address an unmet need in the market for consistently available, readily accessible financing with economically attractive capital designed to maximize return on equity while employing VersaBank's proprietary, state-of-the-art banking technology. As of January 31, 2026, VersaBank's SRP portfolio exceeded CAD$4.4 billion (US$3.2 billion) and has grown at a compounded annual rate of 33% over the last five years. The Bank’s SRP was launched into the United States in late fiscal 2024 and completed US$310 million in fundings in its first year, surpassing the Bank's first year target of US$290 million. Since VersaBank's RPP was first launched 2010, the Bank has provided more than CAD$14 billion (US$10 billion) in funding to North American financing companies. The SRP is designed to provide scalable, capital-efficient growth for the Bank with strong credit performance and attractive risk-adjusted returns. ABOUT VERSABANK VersaBank is a North American bank with a difference. Federally chartered in both Canada and the U.S., VersaBank has a branchless, digital, business-to-business model based on its proprietary state-of-the-art technology that enables it to profitably address underserved segments of the banking industry in a significantly risk mitigated manner. Because VersaBank obtains substantially all of its deposits and undertakes the majority of its funding activities electronically through financial intermediary partners, it benefits from significant operating leverage that drives efficiency and return on common equity. In August 2024, VersaBank launched its unique Structured Receivable Program funding solution for point- of-sale finance companies, which has been highly successful in Canada for over 15 years, to the underserved multi-trillion-dollar U.S. market. VersaBank also owns Minnesota-based DRT Cyber Inc., a North American leader in the provision of cyber security services to address the rapidly growing volume of cyber threats challenging financial institutions, multi-national corporations and government entities. Through DRT Cyber Inc., VersaBank owns proprietary intellectual property and technology to enable the
next generation of digital assets for the banking and financial community, including the Bank’s revolutionary and proprietary Real Bank Tokenized DepositsTM. VersaBank’s common shares trade on the Toronto Stock Exchange and NASDAQ under the symbol VBNK. FOR FURTHER INFORMATION, PLEASE CONTACT: LodeRock Advisors Lawrence Chamberlain (416) 540-7486 lawrence.chamberlain@loderockadvisors.com Visit our website at: www.versabank.com Follow VersaBank on Facebook, Instagram, LinkedIn and X.
FAQ
What new product did VersaBank (VBNK) announce in this 6-K filing?
VersaBank announced a pilot for its AI-enabled Real-Time Structured Receivable Program, a point-of-sale financing solution that funds individual loans within hours. It builds on the bank’s existing Structured Receivable Program while aiming to reduce warehousing needs and improve economics for finance company partners.
Who is VersaBank’s partner in the Real-Time SRP pilot and what is their role?
The pilot is being conducted with FinanceIt Canada Inc., one of VersaBank’s major Structured Receivable Program partners. FinanceIt provides point-of-sale financing, and the pilot will test Real-Time SRP functionality and operations at limited scale before broader rollout to other current and prospective partners.
How large is VersaBank’s Structured Receivable Program (SRP) portfolio as of early 2026?
As of January 31, 2026, VersaBank’s Structured Receivable Program portfolio exceeded CAD$4.4 billion. This portfolio has grown at a compounded annual rate of 33% over the last five years, reflecting strong uptake of the bank’s digital funding solution among consumer and small business finance companies.
How has VersaBank’s SRP performed in the United States so far?
VersaBank launched its Structured Receivable Program in the U.S. in late fiscal 2024 and completed US$310 million in fundings in its first year. That result surpassed the bank’s first-year target of US$290 million, indicating early traction for the offering in the U.S. point-of-sale financing market.
What benefits does VersaBank’s Real-Time SRP aim to provide to partners?
The Real-Time SRP is designed to eliminate the need to warehouse receivables for five to 30 or more days by funding loans individually within hours. This can reduce partners’ overall financing costs, lessen warehouse financing needs, and enhance risk evaluation using VersaBank’s internal AI platform.