Six years later, Questrade can finally launch Canada’s newest bank

Toronto-based online brokerage and wealth management firm Questrade can now launch Canada’s next bank.

Questrade’s trading volumes have increased 350 percent year-over-year, according to CEO Edward Kholodenko.

Questrade Financial Group has been approved by the Office of the Superintendent of Financial Institutions (OSFI) to commence banking operations as Questbank, Questrade president and CEO Edward Kholodenko told BetaKit in an email statement. The approval marks the end of its six-year journey to gain a Schedule 1 banking license, which it applied for in 2019.

“This is a monumental step in furthering our mission to help Canadians become much more financially successful and secure,” Kholodenko said. “Following the successful path forged over Questrade’s 26-year history, we are thrilled