CPE News (12.13.2022) – nesto has raised $80 million in Series C funding led by IGM Financial Inc, with participation from existing and new investors, Diagram Ventures, Portage, NAventures, National Bank of Canada’s corporate venture capital arm, BMO Capital Partners, and Michael Rowell and Michael Paulus.
Damon Murchison, CEO of IG Wealth Management, has joined nesto board of directors.
nesto will use new funding to further develop its proprietary technology, expand its marketing capabilities across Canada and launch nesto Mortgage Cloud.
Founded by Karim Benabdallah, Chase Belair, Malik Yacoubi, Damien Charbonneau, Montreal based nesto is Canada’s leading digital mortgage lending platform, with a dedicated team of qualified mortgage experts supported by advanced technologies.
In May 2021, nesto closed $76 million Series B funding led by Rowell and Paulus, co-founder of Assurance IQ which was sold to Prudential Financial in 2019, with participating of Portage Ventures, Diagram Ventures, Breyer Capital, Marc Alloul and other strategic investors.
nesto closed $11.5 million Series A round of financing led by Diagram and Investissement Québec in 2020.
Seed funded by Diagram, Montréal based nesto is on a mission to offer a positive, empowering and transparent property financing experience, simplified from start to finish. The company empowers Canadians with tools, guidance,
photo credit: nesto, founders: Karim Benabdallah, Chase Belair, Malik Yacoubi, Damien Charbonneau
News Release
nesto raises $80 million Series C financing round to accelerate Canadian expansion and launch nesto Mortgage Cloud
MONTREAL, Dec. 13, 2022 (GLOBE NEWSWIRE) — nesto, Canada’s online mortgage lender, announced today the closing of an oversubscribed $80 million Series C financing. The financing round was 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, as well as Michael Rowell and Michael Paulus.
The Series C financing round 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 with best-in-class technology for an effortless customer experience. By doing so, nesto will diversify its customer base and revenue streams, and strengthen its position as the leader in digital mortgage lending.
“We’re very pleased to deepen our relationship with nesto by investing in this dynamic and growing company,” stated James O’Sullivan, President and CEO, 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. The new round of funding will help us further develop best-in-class technology and service more Canadians through partnerships with financial institutions,” said nesto CEO and Co-Founder Malik Yacoubi.
About nesto
nesto is Canada’s leading digital mortgage lending platform, with a dedicated team of qualified mortgage experts supported by advanced technologies. The company is on a mission to offer a positive, empowering and transparent property financing experience, simplified from start to finish to all Canadians. nesto is delivering on this mission by offering Canadians a leading digital mortgage experience and by empowering partner mortgage lenders to improve and streamline their mortgage lending operations with the nesto Mortgage Cloud.
Media Contact
Alivia Massimillo
nesto Mortgage Experts
516-398-2513
alivia@nesto.ca
https://www.nesto.ca/