Lendesk acquires digital mortgage origination provider Finmo Financial
Lendesk Technologies, a fintech provider for Canadian mortgage industry professionals, has acquired Finmo Financial Technologies, a digital mortgage origination provider based in Calgary.
The financial terms of the deal were not disclosed.
Finmo Financial Technologies is said to help mortgage professionals in offering a truly digital experience to their clients.
The company’s Smart Docs algorithms enable brokers to request the required documents automatically from their clients as part of a digital mortgage application process. After receiving them, the platform converts the uploads from the clients to PDFs, thereby making the materials easily viewable and manageable for brokers and lenders.
Finmo Financial Technologies’ digital mortgage origination is said to be supported by the 27 leading Canadian brokers, who have invested in the company. The brokers will continue to support the newly combined platform following the acquisition by Lendesk Technologies, which is owned by Rocket Companies, a US mortgage tech company.
Lendesk Technologies offers technology that is said to connect mortgage brokers seamlessly with its network of more than 200 lenders.
Its Lender Spotlight product enables brokers to get the latest mortgage rates, lender policies, and product guidelines from lenders in Canada, and compare them side-by-side to provide the best option for their clients.
Alex Conconi – Founder and CEO of Lendesk Technologies said: “At Lendesk, we have been very focused on the experience of brokers and lenders – constantly finding new ways they can work together more efficiently to achieve their common goal of a streamlined mortgage process.
“Now, with this acquisition, we have extended that experience beyond brokers and lenders, to improve the experience of their clients: homebuyers and homeowners. Mortgage professionals who work with Lendesk can already find the best deal for their clients with Spotlight, and now they can provide the best mortgage experience using Finmo’s digital origination platform.”
The technology of Finmo Financial Technologies will be integrated into Lendesk Technologies’ platform later this fall. This will enable brokers to leverage the suite of products to complete the complete mortgage process securely and digitally, from client acquisition to direct submission.
Greg Williamson – President and Co-founder of Finmo Financial Technologies said: “When considering who would be the best partner for Finmo, Lendesk was the obvious choice.
“The leadership has an intense drive to improve the broker-lender relationship, just as we have been focused on helping brokers better assist their clients. By combining these technologies, the mortgage experience will be improved for everyone involved.”