Montreal-based fintech company Nesto has secured a CAD $302 million Series E financing round at a CAD $1.47 billion valuation, providing fresh capital to accelerate the company’s technology roadmap and expand its AI-powered financial services platform.
The round includes a combination of primary and secondary capital and attracted a mix of new and returning investors. New backers include La Caisse, Fidelity Investments Canada ULC (certain funds), PICTON Investments, and Endeavor Catalyst. Existing investors Portage, Diagram, NAventures, Fonds de solidarité FTQ, Fondaction, and National Bank of Canada’s venture capital arm also participated in the financing.
Founded to modernize Canada’s mortgage industry through technology, Nesto has grown into one of the country’s largest mortgage technology and financing platforms. The company manages more than $80 billion in residential and commercial mortgages under administration and works with many of Canada’s major financial institutions.
The latest funding comes as Nesto expands its focus beyond mortgage lending and deeper into artificial intelligence. Earlier this year, the company launched Maestro AI, an AI-native orchestration platform designed to streamline mortgage operations and automate financial workflows.
Nesto says its proprietary technology stack, including Nesto Cloud and its AI solutions, is helping modernize Canada’s mortgage market while creating new opportunities to serve financial institutions across a broader range of services.
According to the company, the new capital will be used to accelerate product development, strengthen AI capabilities, and support faster onboarding of partners and clients. Nesto reported more than $37 billion in mortgage originations this year and says it remains profitable while continuing to scale nationwide.
“We have executed with focus and consistency on our mission to build the mortgage ecosystem of the future. This new capital will allow us to accelerate our technology and AI development while onboarding partners at turbo speed,” said Malik Yacoubi, Co-Founder and CEO of nesto.
The investment also represents a major vote of confidence from institutional investors betting on the future of AI-driven financial infrastructure in Canada.
“This investment reflects our confidence in nesto, a Montréal-based fintech that stands out for its business model and innovative approach. By simplifying and modernizing the mortgage experience, nesto is playing a tangible role in transforming the lending sector in Canada,” said Kim Thomassin, Executive Vice-President and Head of Québec at La Caisse.
With the new financing, Nesto plans to continue scaling its platform across the mortgage sector while extending its AI-powered technology into additional areas of financial services. The company has also earned recognition as one of Deloitte’s Fast 50 companies for three consecutive years, reflecting its rapid growth in both lending and financial technology.