The funding will be used to accelerate the mortgage tech firm's already burgeoning growth
Mortgage tech firm nesto has announced the closing of its latest round of funding that it says will help accelerate its growth and offer more refined services for Canadians.
Earlier this week, the company closed a $76 million Series B financing round led by Michael Rowell and Michael Paulus of Assurance IQ. Also involved in this funding round were Portage Ventures, Diagram Ventures, Breyer Capital, Marc Alloul, and other strategic investors.
These funds will be used to grow nesto’s team and accelerate investments in new technology.
“This new round of financing will enable us to reach even more consumers seeking the lowest rate for their mortgages right from the get-go,” said Malik Yacoubi, co-founder and CEO of nesto. “We are very grateful for the expertise of our investors as we set out to empower Canadians with a transparent and simplified mortgage process as they make one of the most important financial decisions in their lives.”
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“nesto gives Canadians choice, the lowest rate and the ability to secure a mortgage from anywhere, anytime,” added Michael Rowell, co-founder of Assurance IQ. “We have seen Canadians shift to digital-first solutions in many verticals including insurance and investments. Mortgage is the next frontier, and nesto is uniquely positioned as the leading player in this space.”
In the past 12 months alone, nesto has seen a 475% increase in mortgage applications originated on its platform.
“Consumers are looking for increased transparency, whether they are shopping for insurance or a mortgage,” said Michael Paulus, co-founder of Assurance IQ. “nesto is changing the way Canadians shop for a mortgage and helping them save thousands of dollars in the process.”
