Image: Public domain | via Wikimedia Commons
Stephen Smith, a Canadian entrepreneur in finance and investments, is the founder and Executive Chairman of First National Financial. Despite facing personal bankruptcy early in his career, Smith built a successful company and took it public in 2006. His net worth is estimated to be $6.0 billion as of 2024, showcasing his significant achievements in the financial sector. Smith has also made notable contributions to philanthropy, particularly in supporting education.
Stephen Smith was born in Ottawa, Ontario, Canada, on June 2, 1951. He attended St. Patrick's College High School and later pursued a degree in Electrical Engineering at Queen's University. During his time at Queen's, he developed an interest in economics, taking additional courses outside his degree program. He later earned a Master's degree from the London School of Economics and Political Science.
Smith's career took off in 1988 when he co-founded First National Financial Corporation. He led the company to become Canada's largest non-bank mortgage lender. Despite facing personal bankruptcy in 1984, Smith demonstrated resilience and business acumen, growing First National into a major player in the financial services industry. He also owns a stake in EQB, a publicly traded Canadian bank. In 2023, he acquired Home Trust for over $1.2 billion.
Smith's success is attributed to his innovative approach to finance, including the development and utilization of securitization techniques for financing mortgage assets. He also developed the industry's first automated underwriting platform. His early adoption of technology, including the development of the MERLIN mortgage processing software, gave First National a competitive edge.
Smith is known for his philanthropic efforts, particularly in the field of education. He donated $50 million to Queen's University in 2015, which led to the renaming of the business school to the Stephen J. R. Smith School of Business. In 2023, he donated $100 million to Queen's engineering department, now known as Smith Engineering. Smith established the Stephen J. R. Smith Bursary in 1997 to support students in Electrical Engineering and Economics, benefiting over 250 students. He is also involved with organizations like Historica Canada and the Royal Ontario Museum.
Launched what would become Canada's largest non-bank mortgage lender.
Took the company public, marking a significant business achievement.
Made a major contribution to support business education, leading to the renaming of the business school.
Recognized for his significant contributions to the business sector.
Acquired lender Home Trust for over $1.2 billion.
Donation to Queen's University's business school, which was renamed in his honor.
Donation to Queen's University's engineering department, now known as Smith Engineering.
Financial award for students in Electrical Engineering and Economics at Queen's University.
Donation to help establish an interactive online museum of the city of Toronto.
""I have been very fortunate in both my professional and personal life and I am proud to have this opportunity to give back to Queen's. The university provided me with a transformative education that served as a foundation for all of my endeavours.""
Demonstrates a commitment to innovation and risk-taking in the financial sector.
Believes in the importance of education and its power to drive prosperity, as evidenced by his significant donations to Queen's University.
Focuses on long-term investments and building businesses for sustained success.
