The Montreal-based fintech announced the closing of a Series B round led by Michael Rowell and Michael Paulus, two entrepreneurs who founded online insurance startup Assurance IQ, which was later sold to Prudential Financial. (The Logic)
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The Montreal-based fintech announced the closing of a Series B round led by Michael Rowell and Michael Paulus, two entrepreneurs who founded online insurance startup Assurance IQ, which was later sold to Prudential Financial. (The Logic)
Talking point: Nesto is just the latest of Power’s many fintech bets to raise money. The company allows customers to take out, renew or refinance their mortgages online, and was backed in this latest round by Portage Ventures and Diagram Ventures, which was an existing investor. The two firms are affiliated with Power’s investment wing Sagard Holdings. The new funding comes after a period of rapid growth for Nesto: the company cited a 475 per cent increase in mortgage applications originating on the platform over the last 12 months, a figure that reflects a nationwide real estate boom since the start of the pandemic.
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