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Nesto raises $80m to fund digital mortgage cloud

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Canadian online mortgage lender Nesto is announcing the closing of an oversubscribed $80 million Series C financing.

The round, led by IGM Financial, received support from other high-profile investors, including Diagram Ventures, Portage, NAventures, National Bank of Canada’s corporate venture capital arm, BMO Capital Partners, as well as Michael Rowell and Michael Paulus.

In a press release, the Montreal-based company says it will use the funding to develop its technology further, expand its marketing across Canada and launch the Nesto Mortgage Cloud. Nesto says it will offer the cloud platform to financial institutions to support their ongoing digital transformation and search for efficiency.

“This investment from renowned financial institutions like IGM Financial, National Bank of Canada, and BMO Bank of Montreal validates the hard work accomplished by Nesto’s team in the last four years,” said Nesto CEO and Co-Founder Malik Yacoubi. “The new round of funding will help us further develop best-in-class technology and service more Canadians through partnerships with financial institutions.”

 

The founding team from left to right: Karim Benabdallah, co-founder & CTO; Chase Belair, co-founder & Principal Broker; Malik Yacoubi, co-founder and CEO; Damien Charbonneau, co-founder & COO


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