Equitable Bank

What Equitable Bank does

Equitable Bank is a Schedule I Canadian bank headquartered in Toronto and the principal subsidiary of EQB Inc. (TSX: EQB), operating in market as "Canada's Challenger Bank" with combined assets under management and administration of approximately CAD $142 billion as of January 31, 2026. Founded in 1970 and grown over a 17-year tenure under the late CEO Andrew Moor to roughly 2,000 employees and 700,000 customer relationships, the bank completed the ~CAD $800 million acquisition of PC Financial from Loblaw Companies Limited on July 1, 2026, expanding its customer base to 3.3 million Canadians and adding approximately CAD $5.8 billion in assets plus exclusive partner status for the PC Optimum loyalty program.

The franchise is structured around a digital-first, branchless core (EQ Bank) and a broker-distributed lender (Equitable Bank/Equitable Trust). Revenue products include residential mortgages (fixed and adjustable) distributed via professional mortgage brokers, HELOC products, reverse mortgages for Canadians aged 55+, a multi-tier commercial lending business (Business Enterprise Solutions, Commercial Finance Group for construction and bridge loans of CAD $5M+, and a Specialized Finance Group with CAD $15M–$100M+ commitments), High Interest Savings Accounts and GICs in Canadian and U.S. dollars (distributed direct and via Fundserv), a prepaid EQ Bank Business Mastercard for SMBs, and a B2B Payment-as-a-Service stack (BIN sponsorship, merchant acquiring on Visa and Mastercard via PSiGate). The Concentra Trust subsidiary provides estate, trust, and registered-plan trustee services to credit unions and institutions. The technology core is a cloud-first SaaS banking platform on Temenos and Microsoft Azure, which management cites as enabling up to 50 platform releases per month.

The business model is predominantly net-interest-income driven: Equitable earns the spread between lending yields on residential, commercial, HELOC, and reverse mortgages and the cost of retail and wholesale deposits, supplemented by transaction and processing fees from PaaS, merchant acquiring, and interchange on the Business Card, plus trust and registered-plan fees through Concentra. Customer acquisition is bifurcated: high-yield digital deposits and the EQ Bank platform engage consumers directly online, mortgage origination runs almost entirely through brokers, and post-PC Financial close ~180 Loblaw retail kiosks will add a physical retail channel. Distribution costs are supplemented by Fundserv investment dealers for deposits. Capital is supported through deposit-note issuance (CAD $500 million oversubscribed 4.6x in September 2024) and limited recourse capital notes (CAD $150 million in July 2024 and a planned CAD ~$200 million in April 2026), with CDIC-insured deposits and OSFI oversight providing the regulatory anchor.

Name

Equitable Bank

Legal name

Equitable Bank

Website

https://equitablebank.ca

Company type

Public

Founded year

1970

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Equitable Bank is Canada's digital-first Schedule I challenger bank (TSX: EQB) with ~$142B AUM/AUA, offering broker-distributed residential, HELOC, reverse, and commercial mortgages, HISA and GIC deposits, prepaid small-business cards, and trust services, serving 3.3 million Canadians following the July 2026 PC Financial acquisition.

Ownership category

akta.pro rank

Product category

Retail Banking (Digital Challenger Bank)

NAICS

Commercial Banking (52211), Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

State Commercial Banks (6022), National Commercial Banks (6021), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Open Banking, Account Aggregation & Payment Initiation APIs (BPAMAFAJ)

Keywords

• Retail banking services
• Residential mortgage lending
• High interest savings accounts
• Reverse mortgage products
• Commercial lending solutions

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Net Interest Income: Primary revenue from interest rate spreads on residential mortgages, commercial loans, and equipment financing; generates income from difference between lending rates and deposit costs
2. Deposit Products: GICs and High Interest Savings Accounts generating fee income and contributing to funding base
3. Payment-as-a-Service (PaaS): BIN sponsorship, merchant acquiring services generating transaction and processing fees

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels6 records

Core offering

Equitable Bank is a Canadian Schedule I bank operating a digital-first, branchless "Challenger Bank" model under the EQ Bank brand. Its core activities are taking deposits (high-interest savings accounts in CAD/USD, GICs, business accounts) and originating residential mortgages (including reverse mortgages for 55+ Canadians and a HELOC), commercial mortgages, and business loans, distributed through digital channels, a national mortgage broker network, Fundserv, and the pending Loblaw retail kiosk partnership.

Product overview

Equitable Bank operates as Canada's Challenger Bank through a multi-product, multi-brand portfolio. The core EQ Bank digital banking platform (branchless) delivers savings products (High Interest Savings Accounts in CAD and USD, GICs), while the Equitable Bank brand serves mortgage and lending needs. Mortgage products include residential mortgages (fixed/ adjustable), reverse mortgages (Flex/Flex PLUS/Flex Lite for Canadians 55+), and a Home Equity Line of Credit. Commercial lending spans Business Enterprise Solutions, Commercial Finance Group (construction, bridge, term loans), and Specialized Finance Group. The bank also offers a Commercial Equity Line of Credit (CELOC), insurance lending solutions (CSV Line of Credit — no longer accepting new applications), and Payment-as-a-Service (PaaS) B2B payment infrastructure (BIN Sponsorship, Merchant Acquiring). Subsidiary Concentra Trust provides estate settlement, trust solutions, and registered plan trustee services (RRSP, RRIF, TFSA, FHSA, RESP, RDSP) to credit unions and institutions. Recent product launches include the EQ Bank Business Card (prepaid Mastercard for small businesses, June 2026) and the Illuma white-label mortgage brand with DLCG (February 2026). The PC Financial acquisition (closing July 2026) will add credit cards, insurance, deposits, and the PC Optimum loyalty program.

Differentiator

Problem solved

Functional benefit

Brands

• EQ Bank: Digital banking brand offering high-interest savings accounts, GICs, and digital banking services to consumers.
• Illuma
• Equitable Trust
• Concentra Trust
• Concentra Bank
• Bennington Financial

Products and services

• EQ Bank Digital Banking Platform Branchless digital-only banking platform offering savings, chequing, GICs, and business accounts to Canadian consumers, marketed as Canada's Challenger Bank with competitive rates.
• High Interest Savings Account (HISA) HISA products in CAD and USD with competitive interest rates (Personal Series A 1.90% P.A.; US Series A 2.90% P.A.), daily interest, monthly payments, unlimited deposits/withdrawals, available through Fundserv.
• Guaranteed Investment Certificates (GICs) Redeemable and non-redeemable GICs in CAD and USD, terms from 30 days to 10 years, issued by Equitable Bank/Equitable Trust, CDIC-eligible, including Cashable GICs.
• Residential Mortgages Fixed-rate, adjustable-rate, and insured residential mortgage products offered exclusively through professional mortgage brokers across Canada, including for self-employed, newcomer, and rental-investor borrowers.
• Reverse Mortgage (Flex / Flex PLUS / Flex Lite) Reverse mortgage products for Canadian homeowners aged 55+, offering tax-free cash advances from home equity with no monthly payments and a no-negative-equity guarantee (Flex: 15–55% of home value, 55+; Flex PLUS: 43–59%, 70+; Flex Lite: 15–40%, 55+).
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity with flexible access, Equitable Bank Visa Access Card and cheque access, and interest-only repayment options. Available in Ontario, BC, Alberta (not Quebec).
• Commercial Mortgages Commercial lending across Business Enterprise Solutions (small businesses, entrepreneurs, investors), Commercial Finance Group (construction, bridge, long-term financing, asset repositioning, inventory loans from $5M+), and Specialized Finance Group (structured financing $15M–$100M+).
• Payment-as-a-Service (PaaS) B2B payment infrastructure including BIN Sponsorship (prepaid/credit/secured/multi-currency card issuance), Merchant Acquiring (Visa/Mastercard processing via PSiGate/PSP), and RPAA Safeguarding Accounts. Partners include Blackhawk, Loop, Galileo.
• EQ Bank Business Card Prepaid reloadable Mastercard for Canadian small business owners combining business account integration with interest on balances (2.25%) and 1% cashback rewards.
• Concentra Trust (Estate and Trust Services) Trust and estate services including corporate executor, succeeding appointments, testamentary and intervivos trusts, sole/co-executor estate solutions, and Power of Attorney/Guardianship. A federally regulated trust company with $43B AUA, part of the Equitable Bank family.
• Illuma Mortgage (White-Label) White-label insured high-ratio mortgage brand offered exclusively through DLCG brokers at competitive 5-year fixed rates, enabling EQB to re-enter prime lending via single broker network.
• Insurance Lending Solutions (CSV Line of Credit) Cash Surrender Value (CSV) Line of Credit allowing policyholders to borrow against the cash surrender value of life insurance policies. Equitable Bank is no longer accepting new applications for this product.

Quantifiable outcome

• Feature release velocity increased from 2 months to up to 50 releases per month after cloud migration
• +2 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature1 record

Partnerships

Ten partnerships are on record, tiered core, flagship and minor.

• MastercardcoreTechnology or Integration · 18 June 2026Mastercard network partnership for EQ Bank Business Card - prepaid Mastercard for Canadian small business owners
• Dominion Lending Centres Group (DLCG)coreStrategic or Co-development Partner · 6 February 2026Exclusive partnership to re-enter prime lending market through white-label brand 'Illuma' offering insured high-ratio mortgages to DLCG brokers. Partnership formed after Equitable exited A-mortgage market in 2024 due to cost inefficiencies, enabling streamlined re-entry through single broker network.
• Loblaw Companies LimitedflagshipStrategic or Co-development Partner · 3 December 2025Strategic partnership valued at approximately $800 million involving acquisition of President's Choice Bank and PC Financial entities, with EQB becoming exclusive financial partner for Loblaw's PC Optimum loyalty program. Transaction expected to expand customer base to 3.3 million Canadians and nearly double revenue. Loblaw to receive approximately 17% ownership stake in EQB at closing.
• TemenoscoreTechnology or IntegrationCloud-first banking platform partnership enabling digital transformation and rapid feature development capabilities
• Microsoft AzurecoreTechnology or IntegrationCloud infrastructure partnership supporting SaaS banking platform
• BlackhawkminorChannel Partner/ Reseller/ DistributorPartner in Payment-as-a-Service ecosystem for BIN sponsorship and card issuing services
• BerkeleyminorChannel Partner/ Reseller/ DistributorPartner in Payment-as-a-Service ecosystem
• LoopminorChannel Partner/ Reseller/ DistributorPartner in Payment-as-a-Service ecosystem for card issuing
• VisacoreTechnology or IntegrationMerchant acquiring services partnership for processing Visa credit card payments through PSiGate and PSP platforms
• MastercardcoreTechnology or IntegrationMerchant acquiring services partnership for processing Mastercard payments through PSiGate and PSP platforms

Scale indicators8 records

Recent moves12 records

Expansion highlights6 records

Market position

Strengths4 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCuZDtk20dL4Wsp4jLein5dw
• LinkedInlinkedin.com/company/equitable_bank
• Facebookfacebook.com/equitablebankcanada

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries6 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Equitable Bank