nesto, a Montreal, Canada-based digital mortgage lender, acquired CMLS Group, a mortgage finance company operating in Canada.
The amount of the deal was not disclosed.
The combined entity will be both a leader in residential and commercial mortgages, with over 1,000 employees across ten offices and more than $60 billion in mortgages under administration. The transaction was supported by investments from Diagram Ventures, Portage, NAventures (National Bank of Canada’s corporate venture capital arm), IGM Financial, BMO Capital Partners, Fonds de solidarité FTQ and Fondaction. All CMLS Group executives and employees will transition to the combined entity. CMLS shareholders will have an equity stake in the combined entity.
Led by Sam Brown, CEO, CMLS Group is a real estate finance company with offices across the country. Founded in 1974, it provides a range of commercial lending services, residential mortgages, and institutional services. Many of Canada’s financial institutions, insurance companies and investment managers use CMLS Group for a variety of critical mortgage services.
Led by Malik Yacoubi, CEO, nesto is a digital mortgage lender which offers a transparent property financing experience, simplified from start to finish, to all Canadians, and also enables Canadian Financial Institutions to transform their mortgage experience via proprietary technology, the nesto Mortgage Cloud.
FinSMEs
24/06/2024