Fintech provides digital mortgage platform that automates borrower qualification process for brokers
Mortgage originator M3 Group has announced its acquisition of Toronto-based fintech Pinch Financial.
Founded in 2017, Pinch provides a digital mortgage platform that allows both real estate and mortgage brokers to automate and accelerate the borrower qualification process.
Read more: How a digitization push for M3 in 2018 paid dividends in 2020
In a statement, M3 Group said that the acquisition “instantly gets brokers ahead of the customer journey curve, helping to kick start qualified applications year-round via the innovative industry leading Pinch platform for realtors, mortgage brokers, and home buyers alike.”
“The acquisition continues to reinforce M3’s status as the clear leader for brokers in the tech race as the financial services sector undergoes unprecedented customer-centric acceleration,” the firm said.
Dino Di Pancrazio, chief strategy officer and head of mortgage division at M3 Group, said that providing “a whole customer journey from beginning to end is one of the bigger opportunities out there for brokers when you talk post-pandemic.”
“There’s been a rapid change in consumer behaviour of late, and the purchase of Pinch Financial gives our brokers an unmatched ability to generate quality leads to grow their business fast,” said Di Pancrazio.
For his part, Andrew Wells, founder and chief executive officer of Pinch Financial, called the acquisition a “new and exciting chapter in Pinch’s story.”
“Our focus has always been to modernize and simplify the homebuying journey for Canadians,” said Wells. “We firmly believe that M3, with its 8,300 skillful brokers, and sterling reputation with banks, is the best partner for us to scale this vision with.”
Terms of the deal were not disclosed at press time.
