IGM Financial Inc. has invested in online mortgage lender Nesto in a partnership that will give IG Wealth Management advisors a new digital tool for clients purchasing homes.
The firms said Tuesday that Montreal-based Nesto would provide white label mortgage services to IG clients across Canada. The platform includes online mortgage applications and mobile access to documents, and will be offered to IG clients beginning in February.
Partnering with Nesto allows IG advisors to “provide a mortgage platform that fully integrates into our clients’ financial plans,” said Alana Riley, IG’s head of mortgage, insurance and banking, in a release.
IGM Financial led an $80-million funding round for Nesto, and IG Wealth Management president and CEO Damon Murchison has joined Nesto’s board of directors.
Other investors in the latest financing include BMO Capital Partners; National Bank of Canada’s corporate venture capital arm, NAventures; and Portage Ventures, part of Sagard Holdings (both IGM and Sagard are owned by Power Corp.).