nesto

nesto is a Montreal-based Canadian financial technology company focused on making residential mortgage shopping and administration more digital, transparent, and data-driven. The company began in 2018 as a digital mortgage broker after founders Malik Yacoubi and Karim Benabdallah worked with Diagram's Daniel Robichaud on the idea of improving transparency in Canada's mortgage market. Chase Belair and Damien Charbonneau subsequently joined the founding team. nesto launched its consumer product in 2019. The company's platform enables borrowers to compare mortgage rates and apply online. It combines digital workflows with mortgage-adviser support and automates parts of the application and underwriting process. Its offering covers mortgage origination, refinancing, rate comparison, and related servicing activities. The company has positioned itself as an alternative to traditional bank channels and conventional broker processes, emphasizing convenience, rate transparency, and a largely online application experience. According to the reference material, access to nesto's mortgage product requires a minimum credit score of 650. nesto expanded its lender and distribution relationships during its early growth period. It partnered with real-estate agency Proprio Direct in 2021, and Equitable Bank launched a digital mortgage service in partnership with nesto that year. By June 2021, the company reported relationships with 11 mortgage providers, including Toronto-Dominion Bank. Its mortgage volume at that time was concentrated in Quebec and Ontario, with approximately half in Quebec, 40 percent in Ontario, and the remainder elsewhere in Canada. The company raised several rounds of venture and strategic capital. It raised CA$11.5 million in Series A financing in June 2020 and CA$76 million in Series B financing in June 2021. In December 2022, IGM Financial acquired a minority stake and partnered with nesto on Mortgage Cloud, a white-label mortgage-services platform intended for IGM clients. nesto also raised CA$80 million in Series C financing during the same month. By the end of 2022, total reported fundraising exceeded CA$165 million, with investors including Investissement Québec, BMO Capital Partners, National Bank of Canada's NAventures, Portage Ventures, and Power Corporation of Canada. nesto shifted from a primarily broker-oriented model toward direct lending by 2022. In June of that year, it introduced a 150-day mortgage-rate hold, described in the reference material as the longest such hold available in Canada at the time. The feature was intended to protect applicants from rate increases while encouraging borrowers to transfer or originate mortgages through nesto. The company's scope broadened further through partnerships and acquisition. In December 2023, Canada Life announced a partnership under which nesto would manage existing and maturing residential mortgages after Canada Life's 2022 decision to exit residential mortgage origination. In 2024, nesto acquired CMLS Group, expanding into commercial mortgage lending and increasing its mortgage-servicing and administration capabilities. Reference material places nesto's mortgage assets under administration at approximately CA$70 billion to CA$73 billion in 2025. nesto remains headquartered in Montreal and is licensed to operate across Canadian jurisdictions.

nesto was established in Montreal in 2018 by Malik Yacoubi and Karim Benabdallah, who developed the business with Diagram's Daniel Robichaud around the goal of making Canada's mortgage market more transparent. Chase Belair and Damien Charbonneau joined the founding group. The company launched its digital mortgage product in 2019, initially operating as an online mortgage broker that helped consumers compare rates and complete applications through a digital process. Its early model combined technology with access to multiple mortgage providers. nesto raised CA$11.5 million in Series A financing in June 2020. In January 2021 it partnered with Proprio Direct, and in May Equitable Bank launched a digital mortgage service using nesto's technology and distribution capabilities. By June 2021, nesto had relationships with 11 mortgage providers, including Toronto-Dominion Bank. The company's mortgage volume was then primarily concentrated in Quebec and Ontario: approximately 50 percent came from Quebec, 40 percent from Ontario, and 10 percent from other Canadian markets. It raised a further CA$76 million in Series B financing in June 2021. During 2022, nesto evolved toward a direct-lending model rather than remaining solely a broker. It also launched a 150-day mortgage-rate hold, allowing prospective borrowers to lock in a rate for an extended period while completing a transaction. The feature was promoted as protection against rising rates and as an incentive for borrowers considering a transfer of their existing mortgage. In December 2022, IGM Financial acquired a minority stake in nesto and entered a commercial partnership for Mortgage Cloud, a white-label service intended to provide mortgage capabilities to IGM clients. nesto raised CA$80 million in Series C financing at the same time. By the end of 2022, reported cumulative funding exceeded CA$165 million, with participation from institutional and strategic investors including Investissement Québec, BMO Capital Partners, NAventures, Portage Ventures, and Power Corporation of Canada. The company subsequently expanded its role beyond new residential mortgage origination. In December 2023, Canada Life announced a partnership with nesto to manage existing and maturing residential mortgages after Canada Life had decided to leave the residential mortgage market in 2022. In 2024, nesto acquired CMLS Group. That transaction added commercial mortgage lending and broadened the company's servicing and administration platform. By 2025, reference material described nesto as having approximately CA$70 billion to CA$73 billion in mortgage assets under administration. The company operates online, provides mortgage and refinancing comparisons, and is licensed across Canadian jurisdictions. Its business now spans consumer mortgage origination, refinancing, lender and institutional partnerships, white-label technology, mortgage servicing, and commercial mortgage administration.

• 2025

  Mortgage assets under administration reach approximately CA$70–73 billion

  [1]Nesto (company)en.wikipedia.org

  Reference material reported mortgage assets under administration at approximately CA$70 billion to CA$73 billion.

• 2024

  CMLS Group acquisition

  [1]Nesto (company)en.wikipedia.org

  The acquisition broadened nesto's business into commercial mortgage lending and administration.

• 2022

  Shift toward direct lending

  [1]Nesto (company)en.wikipedia.org

  nesto transitioned from its original digital-broker model toward direct mortgage lending.

• 2022

  Mortgage Cloud partnership and Series C

  [1]Nesto (company)en.wikipedia.org

  IGM Financial acquired a minority stake, partnered on Mortgage Cloud, and nesto raised CA$80 million in Series C financing.

• 2021

  Expansion of lender and distribution partnerships

  [1]Nesto (company)en.wikipedia.org

  nesto partnered with Proprio Direct and Equitable Bank and had relationships with 11 mortgage providers by June.

• 2021

  Series B financing

  [1]Nesto (company)en.wikipedia.org

  The company raised CA$76 million in Series B funding.

• 2020

  Series A financing

  [1]Nesto (company)en.wikipedia.org

  nesto raised CA$11.5 million in Series A funding.

• 2019

  Digital mortgage product launched

  [1]Nesto (company)en.wikipedia.org

  nesto launched its online mortgage platform as a digital broker.

• 2018

  Company founded

  [1]Nesto (company)en.wikipedia.org

  Malik Yacoubi, Karim Benabdallah, Chase Belair, and Damien Charbonneau established nesto with early collaboration from Daniel Robichaud.

A digital-first Canadian mortgage platform positioned around transparent rate comparison, online applications, automated workflows, and access to multiple lending providers.

• Residential mortgage technology and lending · 2019

  nesto digital mortgage platform

  nesto's core platform lets Canadian borrowers compare mortgage rates, submit applications online, and obtain support through a digital mortgage workflow. The service automates portions of the application and underwriting process and connects consumers with mortgage providers. It began as a digital brokerage product and later supported nesto's direct-lending model.

• Mortgage pricing and application feature · 2022

  150-day rate hold

  Introduced in 2022, the 150-day rate hold allows an applicant to lock in a mortgage rate for an extended period while completing the transaction. nesto presented the feature as protection against potential rate increases and as a way to support mortgage transfers and new originations.

• White-label mortgage technology · 2022

  Mortgage Cloud

  Mortgage Cloud is nesto's white-label mortgage-services offering developed with IGM Financial. It is intended to provide mortgage capabilities to institutional or financial-services clients under their own customer-facing relationships, using nesto's technology and operational infrastructure.

• Commercial mortgage lending and administration · 2024

  Commercial mortgage services

  Following the 2024 acquisition of CMLS Group, nesto expanded beyond consumer residential mortgages into commercial mortgage lending and related administration. The acquisition added institutional and servicing capabilities to the company's digital mortgage platform.

• 2024

  Acquisition of CMLS GroupM&A

  Background

  nesto sought to expand beyond consumer digital mortgage origination and strengthen its institutional mortgage capabilities.

  Action taken

  nesto acquired CMLS Group.

  Aftermath

  The transaction expanded nesto into commercial mortgage lending and increased its mortgage administration scale.

  Source

• 2022

  Transition toward direct mortgage lendingStrategy

  Background

  nesto had initially operated as a digital mortgage broker connecting borrowers with mortgage providers.

  Action taken

  The company broadened its model and transitioned toward direct lending while continuing to operate its digital mortgage platform.

  Aftermath

  The shift increased nesto's role in mortgage origination and supported later expansion into servicing and administration.

  Source

• 2022

  Launch of the 150-day rate holdProduct launch

  Background

  Borrowers faced uncertainty about mortgage rates during the application and closing period.

  Action taken

  nesto introduced a 150-day mortgage-rate hold, allowing eligible applicants to preserve a quoted rate for an extended period.

  Aftermath

  The feature differentiated nesto's offer and encouraged prospective borrowers to move existing mortgages or originate new loans through the platform.

  Source

1. 1Nesto (company)en.wikipedia.org