Canada-based mortgage comparison platform nesto has closed its Series A round on $11.5m, coming at a time of increased activity on its platform.
The FinTech has raised the money from several of its partners, including Diagram and Investissement Québec, according to Private Capital Journal.
Having closed the round, the company is hoping to continue the growth of its platform and extend its market reach.
nesto offers Canadians tools, advice and support for getting the best mortgage for them. By leveraging AI technology, the platform scans the market and finds consumers the best mortgage rates from over 2,000 products.
This investment comes after nesto has witnessed a 729% increase in demand for its services compared to the same period last year. The company believes the coronavirus pandemic has contributed to this massive leap in usage.
With most people being forced to stay at home, many have moved their interactions online.
nesto co-founder and CEO Malik Yacoubi said, “There is no doubt that a service such as nesto makes perfect sense at a time when a pandemic significantly limits people’s ability to get around.
“We provide sustained and personalized support to our clients and, thanks to technology, we can offer them better mortgage rates as well as all the information they need based on their situation.”
To support the growth of the company, it has made a couple of hires.
Marie-Elaine Gaudreault, the former vice president of mortgage loans at Industrial Alliance, has joined nesto as vice president of lender relations.
Also joining the team is Greg Perowne, who will serve as the company’s senior director of operations,
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