Applying for a mortgage is often one of the most complicated tasks a future homebuyer will undertake. The paperwork seems never ending and the back and forth between the lender and the buyer is considerable. Entrepreneurs, Greg Williamson and Carter Zimmerman came together in 2017 with an idea to change all that, and the idea for Finmo Financial Technologies (Finmo) was born.
Finmo, an Alberta-based innovation, is a digital platform for mortgage applications that allows lenders to offer safe and secure digital transactions for homebuyers. Prospective buyers enter their information into an electronic mortgage application, which lenders then use to make a decision. All necessary documents go back and forth digitally and the application is signed off with electronic signatures.
Support stimulates growth
Along the way, Finmo accessed our Alberta Innovation Vouchers program. Knowing they had a good idea but weren’t sure where to turn – they received advice from a Technology Development Advisor, as well as a grant to help them move forward. Williamson says, “the support we received through Alberta Innovates’ Innovation Voucher program came at a critical time for Finmo.”
Fast forward to early 2020. Finmo is working with over 2,500 mortgage brokers, helping to complete 35,000 mortgage applications. They’re increasing their staffing levels and moving ahead at the speed of technology. Enter Lendesk Technologies (Lendesk), a fintech company based in Vancouver, BC. Working in the same industry as Finmo, they have access to 200 different lenders, tools for mortgage brokers, and borrowers, that enable a seamless home-buying experience. Lendesk saw tremendous value in Finmo’s platform. So much so, that they extended an offer to Finmo to become part of the Lendesk team. Williamson maintains, “that validation of our technology and our platform is exactly what we were looking for. Lendesk is well known in the mortgage industry.”
On October 27, 2020, Lendesk announced that they were acquiring Finmo. As Williamson says in the news release, “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.”
Williamson, Zimmerman, and the entire Finmo team will be part of the Lendesk team. That’s not only good for Lendesk but for Albertans and the tech workforce as well.
If you have a technology-based innovation and you need advice on where to start, contact a Technology Development Advisor at Alberta Innovates.