The new integration will add Finmo’s fully digital mortgage experience to Lendesk’s powerful broker resources
Lendesk Technologies, the premier FinTech provider for Canada’s mortgage industry professionals, today announced its acquisition of Finmo Financial Technologies – the fastest growing mortgage origination platform in Canada.
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Lendesk provides technology that seamlessly 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 truly 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. Best of all, 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 fall, 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 personalized Finmo application links with clients, seamlessly 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.
Lendesk is part of Rocket Companies (NYSE: RKT), the largest mortgage tech company in America, which debuted on the New York Stock Exchange in August. Lendesk is empowered by Rocket Companies to continue the mission to digitize the mortgage experience for Canadian mortgage brokers, lenders and their mutual clients. Rocket Companies supports those efforts with capital investments and, more importantly, advice and expertise from its group of other successful FinTech Leaders.
Mortgage brokers are encouraged sign up with Finmo today at Finmo.ca to be among the first to leverage the forthcoming combined platform.
The acquisition closed in earlier this month and financial terms of the acquisition were not disclosed.
