nesto eyes staff, tech expansion following $76m Series B raise

Canadian mortgage comparison platform nesto has raised $76m from a Series B funding round.

The round was led by Assurance IQ-founders Michael Rowell and Michael Paulus and also included participation from Portage Ventures, Diagram Ventures, Breyer Capital and Marc Alloul.

Founded in 2018, nesto claims it is on a mission to provide a positive, empowering and transparent property financing experience. The company’s platform screens the market in seconds to find affordable mortgages, while its experts offer customers support along the process.

The company highlighted that it has experience substantial growth over the past year, recording a 475% hike in mortgage applications while maintaining a net promoter score of 76 NPS.

According to nesto, it will use the funds to grow its team of mortgage professionals while also accelerating investments in new technology.

nesto co-founder and CEO Malik Yacoubi said, “This new round of financing will enable us to reach even more consumers seeking the lowest rate for their mortgages right from the get-go. “We are very grateful for the expertise of our investors as we set out to empower Canadians with a transparent and simplified mortgage process as they make one of the most important financial decisions in their lives.”

Rowell added, “nesto gives Canadians choice, the lowest rate and the ability to secure a mortgage from anywhere, anytime. We have seen Canadians shift to digital-first solutions in many verticals including insurance and investments. Mortgage is the next frontier, and nesto is uniquely positioned as the leading player in this space.”

In 2020, nesto closed its Series A round on $11.5m. This came at a time of increased activity on its platform.

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