RBC Acquires Mortgage Tech Firm Pinch Financial

Royal Bank of Canada is expanding its digital mortgage capabilities with the acquisition of Toronto-based fintech Pinch Financial Incorporated, a technology platform designed to streamline the mortgage qualification process for Canadian borrowers. 

Pinch provides tools that verify borrower information online and help qualify applicants for mortgages, allowing users to submit applications directly to lenders through a digital workflow. The acquisition supports RBC’s broader effort to modernize the home financing experience and simplify the path to homeownership through technology. 

“This acquisition helps us deliver on our commitment to bring the best solutions to clients on their path to home ownership,” said Janet Boyle, senior vice president of home equity financing at RBC. “Pinch’s technology will help us accelerate our digital roadmap to deliver a quicker, more streamlined mortgage experience for Canadians.” 

Founded in 2016 by CEO Andrew Wells and COO Soheil Baouji, Pinch Financial has built a platform focused on automating income verification and borrower data validation. The company has been majority owned by Canadian mortgage brokerage M3 Group since 2021. 

“This acquisition gives us the opportunity to bring our technology to more Canadians while being part of a team that shares our vision for innovation in financial services,” Wells said. 

The transaction aligns with RBC’s strategy of building a broader digital housing ecosystem. With approximately $1.66 trillion in total assets, the bank has completed several technology-focused acquisitions in recent years, including concierge platform MoveSnap, home renovation marketplace Smart Reno, and real estate platform OJO Canada.