Loading organizations...
Loading organizations...
Nesto is a technology company.
Nesto is a Canadian digital mortgage lending platform, streamlining property financing. The company integrates artificial intelligence and advanced technologies to optimize the mortgage application and approval journey. Combining technological efficiency with advisor expertise, Nesto offers a modern, transparent alternative to traditional mortgage services.
Co-founded by Malik Yacoubi, Karim Benabdallah, and Chase Belair, Nesto originated from the insight into traditional mortgage market inefficiencies. Malik Yacoubi serves as CEO, Karim Benabdallah as CTO, and Chase Belair as Principal Broker. Their shared vision focused on leveraging technology to make the complex borrowing experience more accessible and user-friendly for consumers.
The platform caters to Canadian individuals seeking mortgages, renewals, or refinancing. Nesto’s mission is to deliver a stress-free home financing process, offering personalized guidance and competitive rates. Through customer-centric digital solutions, the company strives to redefine expectations for mortgage acquisition in Canada.
Nesto has raised $151.5M across 3 funding rounds.
Nesto has raised $151.5M in total across 3 funding rounds.
Nesto has raised $151.5M in total across 3 funding rounds.
Nesto's investors include James O'Sullivan, Portage Ventures, Michael Paulus, Michael Rowell, BMO Capital Partners, Diagram Ventures, National Bank of Canada, NAventures, Portage, Marc Alloul, Breyer Capital, Daniel Robichaud.
Nesto is Canada's leading digital mortgage lender and fintech platform, offering online home financing solutions including mortgage rate comparisons, applications, renewals, refinancing, and advanced tools like calculators.[1][3][4] It serves first-time homebuyers, renewers, and refinancers across Canada with a multi-channel approach backed by over 300 mortgage experts and AI-ready technology, now part of Nesto Group managing over $73 billion in residential and commercial mortgages under administration.[2][5] As a portfolio company, Nesto solves the problem of opaque, inefficient mortgage processes by providing transparent, competitive rates and fully digital underwriting, requiring a minimum credit score of 650, while empowering partners via its Mortgage Cloud white-label service.[1][3][4]
The platform has shown strong growth momentum, originating billions in annual volume after evolving from a broker to a full end-to-end lender in just five years, with recent expansions into broker channels and commercial real estate.[2][3][5]
Nesto was founded in 2018 in Montreal, Quebec, by Malik Yacoubi and Karim Benabdallah, who collaborated with Diagram Ventures' Daniel Robichaud to address transparency gaps in Canada's mortgage market; they were later joined by Chase Belair and Damien Charbonneau, launching the product in 2019.[3][4] The idea emerged from recognizing the need for a digital alternative to traditional brokers and banks, starting as Canada's pioneer in online mortgage lending.[1][3]
Early traction included a CA$11.5 million Series A in June 2020, partnerships like Proprio Direct in 2021 and Equitable Bank, and scaling to 11 providers including TD Bank by mid-2021, with 50% volume in Quebec and 40% in Ontario.[4] Pivotal moments: CA$76 million Series B in June 2021 led by PCM Encore, a minority stake and Mortgage Cloud partnership with IGM Financial plus CA$80 million Series C in December 2022, fueling expansion into a comprehensive platform under Nesto Group.[2][4][5]
Nesto rides the fintech wave digitizing mortgages amid rising demand for efficiency in Canada's housing market, where high prices and rates amplify the need for transparent, low-cost financing.[1][2][4] Timing aligns with post-pandemic remote services boom and regulatory pushes for competition, positioning Nesto against incumbents like banks while partnering with them (e.g., TD, IGM).[4]
Market forces favoring Nesto include cloud/AI adoption in lending, $73B+ assets under management, and expansion into commercial via Nesto Group, influencing the ecosystem by enabling credit unions and institutions to modernize without building tech in-house.[2][5] It democratizes access, reducing barriers for 650+ credit score users and fostering a "Canadian champion" in proptech.[2][3]
Nesto is poised to dominate Canada's mortgage tech as Nesto Group scales its ecosystem, potentially hitting new funding rounds or acquisitions to push international growth beyond current Quebec/Ontario focus.[2][4] Trends like AI-driven personalization, broker integrations, and commercial lending will shape its path, amplifying influence through Mortgage Cloud partnerships amid housing affordability pressures.
Tying back, Nesto exemplifies how digital innovation transforms a traditionally opaque sector into an empowering one for millions of Canadians.
Nesto has raised $151.5M across 3 funding rounds. Most recently, it raised $80.0M Series C in December 2022.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Dec 1, 2022 | $80.0M Series C | James O'Sullivan | Portage Ventures, Michael Paulus, Michael Rowell, BMO Capital Partners, Diagram Ventures, National Bank of Canada, NAventures, Portage |
| Jun 1, 2021 | $63.0M Series B | Michael Paulus, Michael Rowell | Portage Ventures, Marc Alloul, Breyer Capital, Diagram Ventures |
| Jun 3, 2020 | $8.5M Series A | Daniel Robichaud, Investissement Québec |