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Canadian mortgage fintech company raises $4M

Alex Leduc, founder and CEO of Perch, a Toronto-based mortgage fintech platform

Perch, a Toronto-based mortgage fintech, has raised $4 million in Series A funding.

Investors include Second Century Ventures, the strategic venture arm of the National Association of Realtors; Ontario Centre of Innovation, a partner of the Ontario government; and B.E.S.T. Funds, an alternative asset firm.

“Housing affordability and rising rates have been a major barrier to homeownership for Canadians and our real estate agents,” says Tyler Thompson, managing partner of Second Century Ventures. “We believe in Perch’s ability to continue improving on the existing process and product to ultimately create more solutions for borrowers and real estate agents that we know are needed in today’s market.”

Perch’s analytics platform enables Canadians to make data-driven decisions about their mortgages and real estate. Along with the support of a team of real estate and mortgage professionals, users can easily collaborate and take control of their homeownership journey.

According to a press release, the company has a six times more efficient mortgage funding rate and a 215 per cent customer referral rate than the industry average. Perch says it will use the investment to continue scaling and growing its operations team.

Perch was started in 2018 by CEO Alex Leduc, who previously worked in corporate finance and analytics for several publicly-traded mortgage companies. It gives Canadians access to insights.

“With over $100 million in funded mortgages to date and thousands of users that have already joined Perch, this is clear evidence we’re on the right track,” says Leduc. “As we continue growing, our employees, investors and partners are all keys to our success.”