nesto, a leader in online mortgage solutions in Canada, announced its acquisition of CMLS, the third-largest mortgage financing company in the country. The combined entity will now dominate both residential and commercial mortgage sectors with over $60 billion in mortgages under administration spread across 10 offices and 1,000 employees. This strategic acquisition, supported by investors including Diagram Ventures, Portage, and BMO Partners, aims to revolutionize the Canadian mortgage industry with advanced technology and enhanced customer experience. Malik Yacoubi, CEO of nesto, sees this merger as a step towards setting new industry standards and better serving Canadians. CMLS’s existing shareholders will retain a stake in the new entity, and all CMLS employees will transition to the combined group, ensuring continuity and cultural alignment. nesto’s mission is to offer a transparent and simplified mortgage financing experience, leveraging its top-tier digital innovations.

Financial Services, Technology,Canada