The local fintech company will remain in B.C. and continue to operate independently
The biggest mortgage lender in the U.S. is about to get a new Canadian addition to its family.
This morning, Rock Holdings, parent company of lending giant Quicken Loans, announced the acquisition of a majority stake in Lendesk, a Vancouver-based mortgage tech company that built a network to connect mortgage brokers with lenders.
“It is very rare that you come across a new company that understands the important role that culture, technology, client service and innovation play in its success,” said Jay Farner, CEO of Rock Holdings, in a release. “In a short amount of time, the team at Lendesk has built technology to streamline communication and workflow between mortgage brokers and lenders in Canada.”
Lendesk will keep operating out of its Vancouver headquarters under the leadership of founder and CEO Alex Conconi. Financial terms of the deal weren’t disclosed.
The new American parent to Lendesk has been busy investing in Canada’s proptech space. In 2017, Rocket Homes, a subsidiary of Rock Holdings, bought Toronto-based OpenHouse Realty, a company that matches realtors with prospective clients.
Rock Holdings also plans to open a 100-person tech centre in downtown Windsor, conveniently located across the river from Quicken Loans’s Detroit HQ.
Such investments signal “the confidence from Rock Holdings in the future of the Canadian technology industry and workforce,” the release stated.