The Montreal-based digital mortgage-lending platform said the round will allow it to continue developing proprietary technology, expand marketing nationwide and offer its Mortgage Cloud to financial institutions. Diagram Ventures, Portage Ventures, NAventures, the National Bank of Canada’s corporate venture capital arm, BMO Capital Partners, and Michael Rowell and Michael Paulus, who co-founded the insurance startup Assurance IQ, which was later sold to Prudential Financial, also participated in the round. (The Logic)
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The Montreal-based digital mortgage-lending platform said the round will allow it to continue developing proprietary technology, expand marketing nationwide and offer its Mortgage Cloud to financial institutions. Diagram Ventures, Portage Ventures, NAventures, the National Bank of Canada’s corporate venture capital arm, BMO Capital Partners, and Michael Rowell and Michael Paulus, who co-founded the insurance startup Assurance IQ, which was later sold to Prudential Financial, also participated in the round. (The Logic)
Talking point: The investment giant IGM Financial, a unit of Power Corp., will reportedly acquire a minority stake in Nesto. IG Wealth Management CEO and president Damon Murchison will also obtain a seat on the fintech’s board of directors. It last raised a $76-million Series B in June 2021, led by Rowell and Paulus. Nesto will begin offering Mortgage Cloud to IG Wealth Management on a white-label basis in the next quarter, Nesto co-founder and CEO Malik Yacoubi told The Logic. The company is also speaking with other Canadian financial institutions about possibly using the Mortgage Cloud product, he added.
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