Challenger financial institution Equitable Bank has adopted The Hive mentality by naming the Toronto independent its new AOR following an RFP process.

Under the new assignment, The Hive will be tasked with developing a new creative platform for the organization and its digital-only brand, EQ Bank, which was founded in 2016. Collectively, Equitable and EQ Bank manage more than $49 billion in assets; the agency will help it refine a strategic position. The assignment does not have a fixed term, says Jared Stein, president and CEO of The Hive.

With the RFP, EQ Bank was seeking “a true business partner with expertise and perspective on how to position a challenger for continued growth,” says Caleb Rubin, VP of marketing for the bank. “The Hive demonstrated not only an exciting vision for where we could take the brand, but also a uniquely collaborative way of working to help us succeed on our mission to drive change in Canadian banking that enriches people’s lives.”

Rubin says EQ Bank found a spiritual partner in The Hive, “a challenger in their own realm.”

“The banking industry needs challengers like Equitable Bank who believe Canadians deserve a smarter way to bank,” says Dustin Rideout, CSO at The Hive.

The win is the latest for the Hive, which saw considerable growth as it also added cannabis brand Tweed and retailer Tokyo Smoke, beer brand Sol, sparkling water brand Clearly Canadian and NHL franchise The New Jersey Devils to its roster of clients in 2021 after hiring both Stein and Rideout in the first quarter. Mr. & Mrs. Jones is the media partner on the EQ Bank account.

EQ Banks previously worked with Union (now known as DonerNorth) as its creative agency.