In a release, the bank said the Toronto fintech’s technology, which verifies information submitted by people trying to qualify for a mortgage and submits it to lenders, will help it offer faster and easier service. The companies did not disclose the terms of the deal. (The Logic)

Talking point: RBC’s acquisition marks Pinch’s third sale in five years. In 2021, Montreal’s M3 Financial Group bought Pinch for an undisclosed amount. Three years later, Pinch’s management and a group of private investors bought the business back, founder and CEO Andrew Wells said in an email. Other big Canadian banks are also investing in technology to automate mortgage approvals amid competition from fintechs like Wealthsimple, which partnered with digital lender Pine in 2024. TD launched AI-powered software to speed up mortgage approvals that same year, while BMO introduced digital mortgage pre-approvals in 2020.