The Globe and Mail reports in its Friday, June 21, edition that Nesto is buying 100 per cent of CMLS Financial. The Globe's Clare O'Hara writes that the deal was supported by several of Nesto's large institutional investors, including Sagard-backed Diagram Ventures, Portage, NAventures (National Bank of Canada's venture capital arm), IGM Financial, BMO Capital Partners, Fonds de solidarite FTQ and Fondaction. Financial details of the transaction, however, were not disclosed. Nesto, co-founded in 2018 by chief executive officer Malik Yacoubi, along with Damien Charbonneau, Karim Benabdallah and Chase Belair, offers an on-line mortgage brokerage service that automates much of the application and underwriting process. This service provides lower rates and quicker turnaround times for approvals, and it allows clients to upload mortgage documents using a mobile device. With over $167.5-million raised in three rounds of financing by 2022, Nesto had already seen Sagard acquire a 20-per-cent interest in 2021, followed by Power Corp. of Canada's IGM obtaining a minority interest in 2022. The combined entity now has more than 1,000 employees across 10 offices and boasts about $60-billion in mortgages under administration.