Nesto has raised more than $300 million in a Series F round of financing, the Montreal-based mortgage technology company announced.
The $302 million round, comprised of both primary and secondary capital, values the Quebec innovator at approximately $1.5 billion.
The capital hails from a range of sources, including La Caisse, Fidelity Investments Canada, PICTON Investments, Endeavor Catalyst, Portage, Diagram, NAventures, National Bank of Canada, Fonds de solidarité FTQ, and Fondaction.
“This investment reflects our confidence in nesto, a Montréal-based fintech that stands out for its business model and innovative approach,” said Kim Thomassin, Executive Vice-President and Head of Québec at La Caisse.
The funding will help nesto accelerate development of technology, enabling faster onboarding of partners and clients while scaling its platform across the industry, according to a statement.
The company, which claims profitability, already manages over $80B in mortgages under administration nationwide, notes Malik Yacoubi, cofounder and chief executive officer of nesto.
“We have executed with focus and consistency on our mission to build the mortgage ecosystem of the future,” remarked Yacoubi.
“This new capital will allow us to accelerate our technology and AI development while onboarding partners at turbo speed,” commented the entrepreneur.
Nesto is known for products such as the Nesto Cloud as well as the more recently launched Maestro AI, an orchestration platform designed to simplify end-to-end mortgage operations and modernize financial workflows.
“By simplifying and modernizing the mortgage experience, nesto is playing a tangible role in transforming the lending sector in Canada,” Thomassin said.
Founded in 2019, nesto has made the Deloitte Technology Fast 50 list for three years in a row.
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