receivables finance USA 03-02-2025VersaBank partners with Watercress for Receivable Purchase ProgrammeVersaBank a North American leader in business-to-business digital banking, as well as technology solutions for cybersecurity, today announced through its wholly owned subsidiary, VersaBank USA National Association, that it has entered into an agreement with Watercress Financial Group LLC (“Watercress”), a rapidly growing point-of-sale originator of home improvement loans in the US. Watercress has a proven track record of originating high quality consumer loans through its expanding nationwide network of contractors. It will leverage VersaBank’s innovative Receivable Purchase Programme (“RPP”) to fund a portion of its originations. Funding will commence immediately.“The United States represents the largest point-of-sale financing market in the world. So, we are proud to announce this partnership with Watercress Financial as we roll out our unique RPP solution, which we have proven out in Canada over the last 15 years,” said David Taylor, President and Chief Executive Officer, VersaBank. “Watercress Financial is our first American partner following our transformational acquisition of a US bank. Home improvement financing has been one of the biggest drivers of significant growth in our Canadian business in recent years, so we are naturally excited to team up with a fast-growing leader in this expanding market. We look forward to continuing to work with the incredible team at Watercress Financial to support their accelerating growth.”“We believe Watercress management’s long and successful history of originating and servicing home improvement loans in North America, along with our previous success of working with VersaBank, makes us an ideal partner for VersaBank’s expansion into the US,” said Matt Melius, Chief Executive Officer, Watercress Financial. “This new funding programme continues our efforts to expand and diversify funding sources. We appreciate VersaBank’s collaborative approach and demonstrated reliability, proven performance, and long-term relationship orientation.” #receivables financing#RPP#VersaBank