Royal Bank of Canada announced it has acquired Toronto-based Pinch Financial Incorporated, a fintech company offering mortgage qualification technology designed to streamline the home loan application process for Canadians.
Pinch operates a digital platform that verifies borrower information online, helping prospective homebuyers qualify for mortgages and submit applications to lenders more efficiently. By integrating Pinch’s technology, RBC aims to accelerate its digital mortgage strategy and simplify the home financing qualification process for clients.
The acquisition aligns with RBC’s broader strategy to leverage new technologies and deliver more personalized digital experiences across its financial services platforms. The bank said the integration of Pinch’s capabilities will support faster mortgage approvals and improve transparency during the application process.
Founded in 2016 by Andrew Wells and Soheil Baouji, Pinch Financial developed an online platform that helps consumers qualify for mortgages across multiple financial institutions. Since launching, the company has supported tens of thousands of Canadians in applying for mortgages and purchasing homes through its digital-first platform.
RBC said the acquisition strengthens its ability to deliver a faster, more seamless mortgage experience while expanding Pinch’s technology’s reach to a broader customer base across Canada.
KEY QUOTES
“This acquisition helps us deliver on our commitment to bring the best solutions to clients on their path to home ownership. Pinch’s technology will help us accelerate our digital roadmap to deliver a quicker, more streamlined mortgage experience for Canadians.”
Janet Boyle, Senior Vice President, Home Equity Financing, Royal Bank Of Canada
“We started Pinch to make mortgages more relevant and familiar for digital-first consumers–making the qualification process faster, simpler, and more transparent for borrowers. This acquisition gives us the opportunity to bring our technology to more Canadians while being part of a team that shares our vision for innovation in financial services. Together, we’re excited to continue pushing what’s possible in digital mortgage experiences.”
Andrew Wells, CEO, Pinch Financial
