Toronto-based proptech platform Keypr has partnered with Montréal-based Nesto to add mortgage services as another tool in its digital service for Ontario homebuyers.
We’re tech and process people, so we’re automating [everything] other than getting into the house, negotiating, and closing.”
John Asher, Keypr CEO
Keypr is the consumer-facing online platform for Toronto-based realtor Konfidis, a joint venture between advisory firm FirePower Capital and Feld Ventures. Founder and CEO John Asher told BetaKit that the platform guides buyers through the purchase process, from booking a visit to closing the deal.
“We’re tech and process people, so we’re automating [everything] other than getting into the house, negotiating, and closing,” Asher said in an interview.
Since its launch last year, the Konfidis-owned platform has focused on offering discounts for customers navigating rising home prices. It claims to give up to 80 percent in cash back on buyers’ commissions by having its realtors take less of a cut. Keypr realtors are given more deal volume to make up the difference, the CEO said.
Asher believes that bringing in online lender Nesto, one of Canada’s leading mortgage providers, was a natural next step to deliver better rates on mortgages through a similarly digital-focused platform. Through the partnership, Ontario users can purchase the Montréal company’s mortgage services through Keypr. It also covers legal fees for users closing deals.
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Nesto is among the best-funded of Canada’s proptech startups, having raised over $200 million. In 2024, it acquired CMLS Group, then the third-largest mortgage finance company in Canada, for an undisclosed amount. This brought its mortgage assets under management to over $60 billion.
The Canadian proptech industry covers a range of digital services related to buying, selling, and renting property, including mortgages and insurance. Proptech has recently experienced a difficult fundraising market, in line with the broader tech sector. Proptech firms raised about $300 million in venture capital (VC) funding last year, more than a 60 percent drop from the year before, according to the non-profit industry group Proptech Collective. Nearly one-third of proptech companies operating in Canada are at the seed stage or earlier.
Keypr’s pitch to provide a lower-cost platform for homebuyers comes as the federal government plans a building blitz to address the nation’s housing crisis. This week, the government launched the agency Build Canada Homes with an initial, $13-billion envelope. It aims to partner with real estate and construction developers, as well as public agencies, to cut down on building timelines and streamline procurement for building materials.
Feature image courtesy Unsplash. Photo by Saketh.