Powercorp-backed online mortgage broker Nesto raises $76 million


Nesto, the Montreal online mortgage broker, is raising $76 million in capital.

The cash is coming from Michael Rowell and Michael Paulus, the entrepreneurs behind Insurance IQ. Portage Ventures, Diagram Ventures, Breyer Capital, Marc Alloul and others also participated in the round, according to La Presse.

All of Portage Ventures, Diagram Ventures and Nesto are ultimately backed by Powercorp, the Canadian mega financial services company owned by the powerful Demarais family.

Nesto, likely another tech company that has benefitted from the pandemic forcing so many to their laptops at home, says it has earned plenty of telling data.

It says it has seen a 475 percent growth in mortgage applications on its platform over the past 12 months, after entering the market just three years ago. Meanwhile, president and cofounder Malik Yacoubi says his company signs more than $ 100 million in mortgage contracts per month, also noted by La Presse.

The company now boasts 92 employees.

More to come.

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