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RBC acquires proptech platform Ojo Canada

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Royal Bank of Canada (RBC) is adding to its proptech portfolio.

The company announced this week that it has acquired Ojo Canada, the Canadian operations of the U.S.-based real estate technology company Ojo Holdings Corp. The start-up becomes the latest addition to the RBCx portfolio, a subsidiary of RBC that invests in Canadian tech start-ups.

Powered by AI, Ojo provides an end-to-end platform for buying and selling homes and offers users a customized home search experience, access to a network of industry experts and the support of financial resources.

“Canadians have aspirations to fulfill their home ownership ambitions, yet they are up against an incredibly challenging housing market. Now more than ever, consumers need a trusted ally to guide them through the home buying and selling journey,” said Karen Starns, CEO, Ojo Canada. “We see ourselves as that ally.”

This isn’t the first time the two companies have joined forces. In 2018, RBCx and Ojo entered into a partnership to test product innovations in the Canadian market and expanded their partnership in 2021 with the pilot launch of Ojo Canada.

“Ojo Canada offers a powerful real estate platform that serves as a comprehensive one-stop hub for Canadian home buyers who are looking for a simpler, integrated experience in this fragmented market,” says Sid Paquette, head of RBCx,

According to a news release, Ojo Canada has seen consistent growth and overall performance since its launch. With the acquisition, the platform will become an RBC-owned company and complement a comprehensive portfolio of existing ventures within RBCx, including MoveSnap and Smart Reno.

The financial terms of the deal have not been disclosed.

 


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