Rock Holdings, the parent company of Quicken Loans, has acquired a majority stake in Canadian fintech company Lendesk.
Although the company is expected operate independently under the leadership of its founder and CEO Alex Conconi, Lendesk hopes the acquisition will accelerate the development of its mortgage origination network.
“At Lendesk, we are passionate about simplifying the home loan process for brokers and lenders in Canada,” Conconi said. “Our partnership with Rock Holdings will allow us to gain wisdom and insight from the world’s leading mortgage technology company, as we continue to improve the entire experience, from the time of application through closing.”
In 2018, Lendesk launched its proprietary, direct-to-lender, mortgage application network, aiming to streamline the complicated origination process. By serving as the single point of contact for brokers, Lendesk has worked to close the industry’s communication and workflow gap.
“It is very rare that you come across a new company that understands the important role that culture, technology, client service and innovation play in its success,” Rock Holdings CEO Jay Farner said. “In a short amount of time, the team at Lendesk has built technology to streamline communication and workflow between mortgage brokers and lenders in Canada and established a strong network of brokers and lenders who are connected through Lendesk’s new platform.”
Rock Holding’s acquisition of Lendesk marks the second investment the company has made in Canada within the last two years. In 2017, Rocket Homes, a subsidiary of Rock Holdings, purchased Toronto-based OpenHouse Realty.
You can read more about the acquisition here.