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Strategic Partnership Entered into Between nesto and Canada Life

Date Announced

December 4, 2023

Lead Office

Montréal

On December 4, 2023, nesto Inc. ("nesto") and The Canada Life Assurance Company ("Canada Life") announced that they have entered into a strategic partnership for nesto to provide mortgage service and administration for Canada Life's residential mortgage customers. In addition to servicing the existing mortgages starting January 2024, nesto will also be responsible for Canada Life mortgages at maturity. This partnership will increase nesto's mortgages under management to more than C$10 billion, marking an important milestone for the Montreal-based startup.

nesto, based in Montreal, Quebec, is a Canadian digital mortgage lender.

Canada Life, headquartered in Toronto, Ontario, provides insurance, wealth management, and healthcare benefit products and services in Canada, the United Kingdom, Isle of Man and Germany, and in Ireland through Irish Life.

McCarthy Tétrault advised nesto with a team led by Charles Morgan that included that included Jonathan Adessky, Jerry Lan, Vino Wijeyasuriyar (Technology), Michael K. McConnell (Financial Services), Simon Douville (Tax).

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