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- Nesto
Nesto Revenue, Valuation, Funding & Investors
Nesto is valued at $1.1B as of June 2026, a 3.5x multiple on its last reported $300M revenue.
Last Nesto valuation
$1.1B
Series E · Jun 2026
Last Nesto funding round
$218M
Series E · Jun 2026
Nesto revenue
$300M
Series E · Jun 2026
Key investors in Nesto
Diagram Ventures
Portage Ventures
NAventures
Endeavor Catalyst
Fonds de solidarité FTQ
La Caisse
About Nesto
Nesto is a Montreal-headquartered digital mortgage provider founded in 2018 that scans Canadian lenders for competitive rates without broker commissions. The platform offers online pre-approvals, document uploads, and advisor support for home purchases and refinancing. Nesto serves Quebec, Ontario, and British Columbia through its app and website, processing thousands of applications monthly.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$300M (Jun 2026)
Valuation
$1.1B (Jun 2026)
Sectors
Nesto Valuation
Nesto is currently valued at $1.1B, based on its Series E in June 2026.
The $218M round included Fonds de solidarité FTQ, NAventures, La Caisse, Portage Ventures, PICTON Investments and 4 other investors.
Nesto valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2026 | Series E | $1.1B | 3.5x |
Nesto Revenue
Nesto's latest recorded revenue is $300M, as of its Series E in June 2026. At a $1.1B valuation, that implies a 3.5x revenue multiple.
Nesto revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2026 | $300M | $1.1B | 3.5x | Series E |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Nesto Funding History
Nesto has raised a total of $379M across 5 funding rounds, plus 1 secondary share sale.
Nesto's first fundraising round was a $10M pre-seed round in February 2018. The most recent completed round was a $218M Series E in June 2026.
Nesto funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2026 | Series E | Fonds de solidarité FTQ; NAventures; La Caisse; Portage Ventures; PICTON Investments; Endeavor Catalyst; Fondaction; Diagram Ventures; Fidelity Canada | $218M | $1.1B | nesto closed a CAD 302 million Series E financing on June 10, 2026, at a CAD 1.47 billion valuation. The round included a mix of primary and secondary capital and brought in new investors La Caisse, Fidelity Investments Canada ULC, PICTON Investments, and Endeavor Catalyst, alongside renewed participation from Portage, Diagram, NAventures, National Bank of Canada’s corporate venture capital arm, Fonds de solidarité FTQ, and Fondaction. The financing was positioned to accelerate nesto’s growth and expansion, including continued development of its mortgage technology platform and AI capabilities. The company says it is focused on reducing mortgage underwriting time and expanding its B2B Nesto Cloud offering to additional financial institutions beyond mortgages. nesto is a Montreal-based mortgage technology and financing platform. Earlier coverage described it as an online mortgage brokerage service with 91 employees at one point in its growth, and noted previous backing from Diagram, Portage-related investors, Investissement Québec, and other individual investors. The company has evolved from a startup that had a product in market by early 2019 into a larger fintech platform serving mortgage and broader financial-services workflows. |
| Jun 2026 | Secondary | Fonds de solidarité FTQ; NAventures; La Caisse; Portage Ventures; PICTON Investments; Endeavor Catalyst; Fondaction; Diagram Ventures; Fidelity Canada | - | - | - |
| Dec 2022 | Series C | IGM Financial (lead); Michael Paulus; NAventures; Portage Ventures; Michael Rowell; Diagram Ventures; BMO Capital Markets | $80M | - | Nesto, a Canadian online mortgage lender headquartered in Montreal, closed an oversubscribed $80 million Series C financing round on December 13, 2022, led by IGM Financial with participation from Diagram Ventures, Portage, NAventures, National Bank of Canada's corporate venture capital arm, BMO Capital Partners, Michael Rowell, and Michael Paulus. IGM Financial acquired a minority stake as part of the investment, deepening their strategic partnership. The funding aims to accelerate Nesto's Canadian expansion, enhance proprietary technology, boost marketing efforts, and launch nesto Mortgage Cloud, a white-label solution for financial institutions to modernize mortgage operations and improve customer experiences. Nesto plans to initially offer Mortgage Cloud to IG Wealth Management in early 2023, diversifying revenue streams beyond direct lending and positioning as a leader in digital mortgage services. Nesto's growth is supported by top Canadian institutions, validating its technology and market position. |
| Jun 2021 | Series B | Michael Paulus (lead); Michael Rowell (lead); Breyer Capital; Marc Alloul; Portage Ventures; Diagram Ventures | $62M | - | - |
| Jun 2020 | Series A | Diagram Ventures (lead); Investissement Quebec (lead) | $9M | - | Nesto raised CAD $11.5 million in a Series A round on June 3, 2020, led by Investissement Québec and Diagram Ventures, which co-founded the company. The funding aimed to simplify the mortgage industry. A Q3 2020 venture capital report lists Nesto with $16 million from Investissement Quebec, Diagram Ventures, and Uni Financial Corporation, and $12 million separately, reflecting activity around that period. |
| Feb 2018 | Pre-seed | Basil Bouraropoulos | $10M | - | - |
Who has invested in Nesto?
17 investors have backed Nesto across its funding rounds, including Diagram Ventures, Portage Ventures, NAventures, Endeavor Catalyst, Fonds de solidarité FTQ and La Caisse.
Lead investors include IGM Financial, Michael Paulus, Michael Rowell, Diagram Ventures and Investissement Quebec.
Nesto Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Jun 2020 | ||
| 4 | Participant | Jun 2021 | ||
| 3 | Participant | Dec 2022 | ||
| 2 | Lead | Jun 2021 | ||
| 2 | Participant | Jun 2026 | ||
| 2 | Participant | Jun 2026 | ||
| 2 | Participant | Jun 2026 | ||
| 2 | Participant | Jun 2026 | ||
| 2 | Participant | Jun 2026 | ||
| 2 | Lead | Jun 2021 | ||
| 2 | Participant | Jun 2026 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Participant | Jun 2021 | ||
This data is available for Pro users. Sign up to see all 17 Nesto investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Nesto
Nesto has acquired 1 company to date.
Last acquisition by Nesto was on June 21st 2024. Nesto acquired CMLS for undisclosed valuation.
Latest Acquisitions by Nesto
| Description | CMLS is a Toronto-headquartered mortgage services provider operating 20 branches across Canada. The company originates residential, commercial, and institutional loans totaling over CAD 10 billion annually. Services include underwriting, servicing, and syndication for banks like RBC and private lenders. Founded in 1974, CMLS Financial holds AACI designations and focuses on multi-family and construction financing in Ontario and British Columbia. |
| HQ Country | |
| HQ City | Vancouver |
| Deal Date | 21 Jun 2024 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Nesto acquisitions and their M&A valuation multiples. Start Free Trial | |
Nesto Competitors
Nesto competitors include listed companies like LendInvest and Parvis Invest, and private ones like Avenue One, Homeward, Snapdocs and GROUNDFLOOR.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $800M | - | ||
| Private | $152M | - | $1.5B | 9.9x | ||
| Private | - | - | $235M | - | ||
| Publicly listed | $139M | $47M | $54M | 20.9x | ||
| Publicly listed | $2M | ($818K) | $7M | - |
Nesto Public Comps
Nesto is still privately-owned, but its public comps include Centuria Capital, RFA Financial, MFA Financial, Walker & Dunlop, Deutsche Pfandbriefbank, Ellington Financial, IndiGrid Infrastructure, Enity Holding, SHL Finance and Eqdom.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $44M | - | 27.5x | 5.4x | - | 9.0x | |||
| $172M | ($66M) | 8.4x | - | (21.9x) | - | |||
| $299M | - | 24.2x | 30.2x | - | - | |||
| $1.2B | $318M | 2.7x | 2.6x | 10.6x | 12.7x | |||
| $481M | - | 1.1x | 1.2x | - | - | |||
| $641M | - | 31.4x | 43.2x | - | - | |||
| $497M | $338M | 7.6x | 8.7x | 11.2x | 9.7x | |||
| $133M | - | 8.2x | 6.7x | - | - | |||
This data is available for Pro users. Sign up to see all Nesto competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Nesto
| When was Nesto founded? | Nesto was founded in 2018. |
| Where is Nesto headquartered? | Nesto is headquartered in Montreal, Canada. |
| Is Nesto publicly listed? | No, Nesto is a private, VC-backed company. |
| What is Nesto's valuation? | Nesto was last valued at $1.1B in its Series E in June 2026. |
| How much funding has Nesto raised? | Nesto has raised $379M across 5 funding rounds. |
| What was Nesto's last funding round? | Nesto's last funding round was a $218M Series E in June 2026. |
| Who are Nesto's investors? | Nesto's investors include Diagram Ventures, Portage Ventures, NAventures, Michael Paulus, Fonds de solidarité FTQ, La Caisse, PICTON Investments, Endeavor Catalyst, Fondaction, Michael Rowell and 7 others. |
| What is Nesto's revenue? | Nesto's latest recorded revenue is $300M (June 2026). |
| What is Nesto's revenue multiple? | Nesto's latest valuation implies a 3.5x revenue multiple ($1.1B valuation on $300M of revenue). |
| Which companies are comparable to Nesto? | Companies comparable to Nesto include Avenue One, Homeward, Snapdocs, GROUNDFLOOR, LendInvest and Parvis Invest. |
| How many companies has Nesto acquired? | Nesto has acquired 1 company, including CMLS. |
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