The Globe and Mail reports in its Friday edition that Wealth One Bank of Canada has raised $50-million of new capital to fuel its growth as it looks to position itself as a partner to Canadian fintechs. The Globe's Alexandra Posadzki writes that fintechs use technology to deliver financial services more cheaply and efficiently than traditional banks, but most don't have banking licences. Instead, they partner with licensed financial institutions that provide underlying banking services, such as accepting deposits from customers. Wealth One's new owners see a chance to be that provider. A consortium assembled by Toronto investment firm Globalive Corp. acquired the bank last year. Ottawa promised in last week's federal budget to make legislative changes aimed at bolstering competition in the banking sector by making it easier for new financial institutions to enter the market and grow larger. Canada's banking industry is dominated by the Big Six, which together hold more than 90-per-cent market share. Most of the members of the consortium that acquired Wealth One have doubled down on their investment in the recent financing round, Globalive chairman Anthony Lacavera told The Globe, along with six additional investors.