Digital mortgage startup Edison Financial has raised an undisclosed seed round from Rock Holdings, the parent company of United States-based Quicken Loans.
Hash Aboulhosn, the former chief financial officer of mortgage company Lendesk Technologies, launched Edison Financial in 2017. The following year, Aboulhosn put Edison Financial on hold to work with Lendesk, where he helped implement a partnership with Rock Holdings and helped build the Lendesk Spotlight platform.
Edison Financial will remain closely tied to Lendesk, with the startup using Lendesk’s app.
Aboulhosn remained with Lendesk until it was acquired by Rock Holdings in April 2019. Later that year, Aboulhosn decided to leave Lendesk to reboot Edison Financial, which is currently in the process of applying for an Ontario mortgage brokerage license.
“During the past year at Lendesk, I have witnessed first-hand the power and capability of the company’s innovative technology platform to transform the mortgage experience for brokers and their clients,” said Aboulhosn. “The power of innovation, paired with what I’ve learned about building strong entrepreneurial cultures from Quicken Loans, helped reignite my passion for building Edison Financial into something amazing in Canada.”
Edison Financial works with Canada’s broker channel lenders to help home buyers apply for a mortgage. The company’s goal is to help home buyers complete mortgage applications without having to email private and sensitive documents back and forth. Specifically, Edison Financial’s platform allows users to obtain a quote using a streamlined form, select a tailored mortgage option, complete their application, and get a mortgage.
Edison Financial will remain closely tied to Lendesk, with the mortgage startup noting that it will use Lendesk Spotlight, an app that provides mortgage industry professionals with access to rate and policy information. Edison Financial also plans to use Lendesk Spotlight as its lender submission platform of choice, leveraging the system’s modern APIs and technology, which aggregates over 3,500 policies and qualifying guidelines to help brokers find the best lender and product for their clients.
Edison Financial plans to use its seed funding for product development and a go-to-market strategy, which will include pursuing partnerships with top Canadian lenders and insurers. The startup also plans to build out its team, which currently sits at three employees, including Aboulhosn.
Aboulhosn, who was based in Vancouver with Lendesk plans to move Edison Financial to Windsor, Ont. and will be leasing office space at Rocket Innovation Studios, in the city. The company also plans to make its platform available in British Columbia and other provinces.
Along with its seed funding, Edison Financial has entered into a marketing agreement with Quicken Loans to “promote” Edison Financial on Rock Holdings’ website.
“When Hash approached us with his vision for Edison, we saw an opportunity to showcase the potential of Lendesk’s technology while backing a talented entrepreneur who embodies the culture of Rock Holdings and Quicken Loans,” said Jay Farner, chief executive officer of Rock Holdings.
Image source Unsplash. Photo by Tierra Mallorca.