Benzinga | Mar 26, 2021 10:58AM EDT

A Rocket Companies Subsidiary Acquires Fast-Growing Canadian Mortgage Platform Finmo

Rocket Companies (NYSE:RKT) subsidiary Lendesk announced Tuesday that it has acquired Finmo.

Finmo is the fastest-growing mortgage origination platform in Canada.

The deal joins the powerful broker resources of Lendesk and Finmo's fully digital mortgage experience, the companies said.

Related Link: Rocket Pro Insight From Rocket Companies: What You Should Know

Why It's Important: Finmo is backed by 27 of the top brokers in Canada.

Beginning this fall, Finmo will be integrated into Lendesk to make the entire mortgage process digital, from client acquisition to direct submission.

"Lendesk can already find the best deal for their clients with Spotlight, and now they can provide the best mortgage experience with Finmo's digital origination platform," Lendesk founder and CEO Alex Conconi said in a statement.

Lendesk was acquired by Rocket Companies in 2019. The company is powered by Rocket Companies to digitize the mortgage experience for more than 10,000 Canadian mortgage brokers.

See also: Best Mortgage Lender Companies

Benzinga's Take: Since going public, Rocket Companies has announced several new product offerings and partnerships.

All the deals could strengthen Rocket's position in the growing shift to online mortgage operations.

RKT Price Action: Shares of Rocket Companies were up 2.82% at $20.44 at last check Tuesday.