News Summary

Montréal-based mortgage lender Nesto has officially launched an expanded product for financial institutions, pivoting from a direct-to-consumer online mortgage lender to a ‘mortgage ecosystem’ builder in partnership with Canada’s major banks. Founded in 2018, Nesto surged to 1,100 employees and $73 billion in mortgage assets under administration after acquiring CMLS Group. The startup has raised over $165 million in venture funding and is now profitable. Nesto has rolled out Nesto Cloud, a technology suite that integrates its mortgage lending platform into consumer products for financial institutions. The company’s collaboration with banks reflects a trend among FinTech companies partnering with traditional banks, leveraging proprietary consumer data and AI tools to enhance their offerings.