“We chose to get regulated and be inside the tent because it’s important for Canadians to deal with a regulated institution directly and understand where their money is being kept.”
Questrade’s journey to bank status began in 2019, when it first applied for the licence. Since then, the company has grown its assets under administration from $9 billion to over $85 billion, serving millions of Canadians through its online brokerage, robo-advisory, and consumer lending arms.
The company expects to unveil its suite of banking products and services in the first half of 2026.
Questrade’s entry comes at a time when other fintechs are also pushing deeper into banking. Wealthsimple, for example, has expanded into chequing accounts, credit cards, and mortgages by partnering with existing banks, rather than securing its own licence.
Meanwhile, Koho Financial is also in the process of seeking a banking licence, and Spanish lender Banco Santander recently received OSFI approval, underscoring the sector’s growing dynamism.