Lendesk Technologies, a premier FinTech provider for Canada’s mortgage industry professionals, has announced its acquisition of Finmo Financial Technologies – the fastest growing mortgage origination platform in Canada.
Lendesk provides technology that connects mortgage brokers with its network of over 200 lenders. The company’s Lender Spotlight product allows brokers to find up-to-date mortgage rates, lender policies and product guidelines from lenders across Canada, and compare them side-by-side to find the best option for their clients.
Finmo helps mortgage professionals offer their clients a digital experience. Finmo’s proprietary Smart Docs algorithms allow brokers to automatically request necessary documents from their clients as part of an intuitive digital mortgage application process. Then, the platform converts client uploads to PDFs, making the materials easier for brokers and lenders to view and manage. It was created with mortgage professionals and their clients’ needs in mind. The technology is backed by the 27 of the top brokers in Canada – who have provided investment, feedback and support as it has grown. These brokers will continue to back the newly combined platform.
“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,” said Alex Conconi, Founder and CEO of Lendesk. “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.”
Later this year, Finmo’s technology will be integrated into Lendesk’s platform allowing brokers to use the suite of products to complete the entire mortgage process securely and digitally, from client acquisition to direct submission. With the new system, brokers will be able to share personalised Finmo application links with clients, use the Lender Spotlight to search and qualify specific products, digitally collect documents and submit applications directly to hundreds of lenders using the Lendesk Lender Network.
“When considering who would be the best partner for Finmo, Lendesk was the obvious choice,” said Greg Williamson, President and Co-founder of Finmo. “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.”
Carter Zimmerman, CEO and Co-Founder of Finmo added, “combining Finmo’s product and engineering experts with the immense resources at Lendesk will enable the team to quickly and effectively provide the features and innovations mortgage professionals expect, while maintaining intensely high levels of innovation.”
Greg Williamson will now serve as the Chief Revenue Officer of Lendesk. Carter Zimmerman is now the Chief Product Officer for Lendesk. All other Finmo team members are also now part of the Lendesk team.