Quicken Loans parent company beefing up Canadian investments

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Quicken Loans parent company Rock Holdings is strengthening its investments in the Canadian market by acquiring a majority stake in Lendesk, a Vancouver-based mortgage fintech.

Lendesk will continue operating independently out of its headquarters, per the agreement.

"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 press release. "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."

"Ultimately the technology will benefit Canadian consumers, who will experience a smoother and quicker mortgage process. We look forward to working closely with the Lendesk team supporting them in their mission to innovate and reinvent the mortgage process for all of Canada," he said.

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The acquisition of Lendesk marks the second investment in two years that Rock Holdings has made in Canada; in 2017 its Rocket Homes subsidiary bought OpenHouse Realty, a Toronto company that develops home and real estate agent search technology.

Quicken Loans also plans to develop a 100-person tech center across from its Detroit headquarters in downtown Windsor, Ontario, according to the company.

Rock Holdings' investment in Lendesk will help the startup accelerate efforts to streamline mortgage originations. Lendesk launched a mortgage application network in October 2018 to support a more streamlined process.

"At Lendesk, we are passionate about simplifying the home loan process for brokers and lenders in Canada," said founder and CEO Alex Conconi. "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."

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M&A Fintech Mortgage technology Digital mortgages Originations Quicken Loans Canada Michigan