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New investors La Caisse, Fidelity Investments Canada, Picton Investments and Endeavor Catalyst joined the round, with participation from existing investors including Portage, Diagram and NAventures, National Bank’s venture arm. Nesto, which operates a digital mortgage lending platform, plans to use the money to develop its technology, including AI capabilities. (The Logic)
Talking point: Nesto joins other banks and fintechs in using technology to speed up the process for evaluating and approving people for mortgage loans. In March, RBC acquired digital mortgage firm Pinch Financial, while in May TD launched an AI agent that automates the mortgage application process. Nesto, with clients that include IG Wealth Management, Canada Life and Alterna, said in a release that it manages over $80 billion in mortgages and is profitable. Nesto hopes to use AI to reduce the time it takes to underwrite a mortgage from one day to two minutes.
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