nesto, a prominent digital mortgage lender in Canada, has acquired the CMLS Group, the country’s third-largest mortgage finance company. This acquisition positions the combined entity as the largest technology-enabled lender in Canada, with over 1,000 employees, ten offices, and more than $60 billion in mortgages under administration. Backed by investments from Diagram Ventures, Portage, NAventures, IGM Financial, BMO Capital Partners, Fonds de solidarit FTQ, and Fondaction, the merger aims to build Canada’s Mortgage Ecosystem of the Future while maintaining a commitment to providing a positive, empowering, and transparent property financing experience. All CMLS executives and employees will join the new entity, and CMLS shareholders will hold an equity stake. The merger is driven by strong business rationale and cultural alignment between the firms. Malik Yacoubi will lead the new entity as CEO, while Sam Brown, CEO of CMLS, will serve as President and Head of the Commercial Division.

Financial Services, Technology, Real Estate,Canada

https://www.globenewswire.com/news-release/2024/06/21/2902238/0/en/nesto-Acquires-CMLS-Group-to-Build-Canada-s-Mortgage-Ecosystem-of-the-Future.html