Latest Series C financing amounted to $80 million
Online lender nesto has announced the closing of an $80 million Series C financing, which it called an “oversubscribed” round.
The lender is expecting the funding to support the further development of its proprietary technology, the expansion of its presence across Canada, and the eventual launch of the nesto Mortgage Cloud platform.
The financing round was led by IGM Financial, Inc., along with support from nesto’s existing and new investors.
“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,” the firm said.
Through this platform, nesto said that it will be able to diversify its customer base and revenue streams, further solidifying its position as a leading digital mortgage lender in Canada.
“We’re very pleased to deepen our relationship with nesto by investing in this dynamic and growing company,” said James O’Sullivan, president and CEO of IGM Financial. “Both our organizations are committed to transparency, digital enablement, and enhancing Canadians’ access to homeownership.”
“The new round of funding will help us further develop best-in-class technology and service more Canadians through partnerships with financial institutions,” added Malik Yacoubi, CEO and co-founder of nesto. “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.”
