nesto raises $80 million Series C financing round to accelerate Canadian expansion and launch nesto Mortgage Cloud

PRESS RELEASE

Published December 13, 2022

By GlobeNewswire

nesto's online interface to find the best mortgage rates in Canada

A few clicks gets you your low mortgage rate guarantee.

nesto's Mortgage Experts mobile interface of mortgage rates results

The online mortgage lender makes it easy to secure your best mortgage anywhere, anytime.

nesto's founding team

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

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/

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