FinTech powerhouse Finastra has acquired Doorr, a provider of cloud-based point-of-sale mortgage application software used by brokers to improve the mortgage experience.
The acquisition was made via Finastra’s Canadian mortgage business Filogix. Finastra said that deal would strengthen Filogix mortgage marketplace, connecting consumers to brokers, lenders and many supporting partners to enable a secure mortgage application process.
“Filogix has always been the go-to provider of tools and technology for mortgage originators in Canada,” Siobhan Byron, senior vice president of technology enabled managed services at Finastra. “The addition of Doorr will bring cutting edge features backed by the talented individuals that join us from the company. Combined with our deep expertise and leading position in the Canadian brokered mortgage market – together we can improve the borrowing experience for consumers, brokers and lenders.”
The news comes on the back of Doorr closing a $1.26m seed round to fuel the development of its product in May this year.
“We’re excited to be joining the Finastra family, extending our trusted partnership,” said Muhammad Rashid, co-founder and CEO at Doorr. “Our values around digitising the mortgage application process to drive an improved customer experience while harnessing the power of open APIs are well aligned.”
The news comes on the back of Finastra and Microsoft signing a strategic multiyear cloud agreement to help accelerate the digital transformation of financial services in July.
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