Doorr, a Toronto-based proptech startup that offers a mortgage platform for brokers and financial institutions, has been acquired by Filogix, the Canadian mortgage business of FinTech company Finastra.
Following the acquisition, Doorr’s entire team will join Filogix.
The price of the acquisition was not disclosed. As part of the deal, Doorr’s core technology will be integrated into Filogix, including its user interface. Doorr’s entire team will join Filogix, and CEO Muhammad Rashid will assume the role of director of business development at Filogix.
“We saw the perfect opportunity to join forces and collectively tackle the Canadian mortgage industry [by combining] our front-end broker and consumer-facing technology with the established infrastructure built by Filogix,” Rashid told BetaKit.
Founded in February 2018, Doorr’s platform allows brokers and financial institutions to connect and collaborate with their clients on pre-approvals, refinances, and purchases, through an entirely digital experience. The platform was created to streamline and provide visibility to consumers on the mortgage application and approval process.
Doorr’s investors include Celtic House Venture Partners, MaRS Investment Accelerator Fund, and Techstars, and the startup’s last round of financing was raised in May, totalling $1.75 million.
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Doorr is a 2019 alumnus of Techstars’ Toronto accelerator. Sunil Sharma, managing director at Techstars Toronto, told BetaKit this latest deal represents the first completed acquisition of a Techstars Toronto company.
Doorr was already a Filogix partner prior to the acquisition deal. The startup was part of Filogix’s mortgage marketplace, which provides a variety of mortgage lending products.
In a statement on the deal, Filogix said the acquisition of Doorr will enhance the mortgage process for consumers, through features such as digital signatures and self-service capabilities.
The deal is also set to help brokers with features such as lead generation and CRM functionality in the cloud, and lenders with increased access to mortgage volumes from new channels.
“Filogix has always been the go-to provider of tools and technology for mortgage originators in Canada,” said Siobhan Byron, senior vice president of technology-enabled managed services at Finastra. “The addition of Doorr will bring cutting edge features backed by the talented individuals that join us from the company.”
Image source Unsplash. Photo by Tierra Mallorca.