nesto, a digital mortgage lending platform in Canada, has closed an $80 million Series C financing round led by IGM Financial Inc., with support from existing and new investors Diagram Ventures; Portage; NAventures (National Bank of Canada’s corporate venture capital arm); BMO Capital Partners; Michael Rowell; and Michael Paulus.
The financing will enable nesto to further develop its proprietary technology, expand its marketing capabilities across Canada and launch nesto Mortgage Cloud. nesto intends to offer the nesto Mortgage Cloud to financial institutions in order to support their ongoing digital transformation, search for efficiency and their continuing efforts to modernize their mortgage operations.
“We’re very pleased to deepen our relationship with nesto by investing in this dynamic and growing company,” states James O’Sullivan, president and CEO of IGM Financial. “Both our organizations are committed to transparency, digital enablement and enhancing Canadians’ access to homeownership.”
“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 4 years,” states 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.”