Finastra, through its Canadian mortgage business Filogix, has acquired Doorr, a Toronto-based provider of cloud-based point-of-sale mortgage application software. No financial terms were disclosed. Doorr earlier this year raised a C$1.75 million seed-stage financing led by Celtic House Venture Partners and MaRS Investment Accelerator Fund. London-based Finastra is a portfolio company of Vista Equity Partners.
London, UK – October 21, 2020 – Finastra, via its Canadian mortgage business Filogix, has acquired Doorr, a provider of cloud-based point-of-sale mortgage application software used by brokers to improve the mortgage experience. The deal is part of Finastra’s strategic investment in its Filogix mortgage marketplace, connecting consumers to brokers, lenders and many supporting partners to enable a secure mortgage application process. It will enhance Filogix capabilities in support of delivering next generation solutions to the Canadian mortgage market and deliver benefits to consumers, brokers and lenders.
Consumers: A better customer experience with features such as digital signatures and self-service interaction capabilities, making the process faster and more convenient
Brokers: A reduction in paperwork with digitized processes, custom workflows and enhanced features such as lead generation and CRM functionality in the cloud
Lenders: Increased and seamless access to mortgage volumes from new and emerging channels
Siobhan Byron, SVP, Technology Enabled Managed Services (TEMS) at Finastra said, “Filogix has always been the go-to provider of tools and technology for mortgage originators in Canada. The addition of Doorr will bring cutting edge features backed by the talented individuals that join us from the company. Combined with our deep expertise and leading position in the Canadian brokered mortgage market – together we can improve the borrowing experience for consumers, brokers and lenders.”
Already a Filogix mortgage marketplace partner, where users can benefit from a wide range of value-added services such as credit process automation, the acquisition brings Doorr’s advanced technology capabilities to Filogix, including a state-of-the-art user interface in the cloud – enabling residential mortgage deals to be completed quickly, reliably and securely.
Muhammad Rashid, Co-founder & CEO at Doorr said, “We’re excited to be joining the Finastra family, extending our trusted partnership. Our values around digitizing the mortgage application process to drive an improved customer experience while harnessing the power of open APIs are well aligned.”
Finastra’s legal counsel for the transaction was Stikeman LLP. Financial details have not been disclosed.
Founded in February 2018, Doorr is a cloud-based CRM and mortgage workflow technology that provides mortgage brokers and financial institutions with a single environment to manage and interact with clients and partners (e.g. realtors). The platform also streamlines and provides real-time visibility on the mortgage application and approval process for pre-approval, purchase and refinance transactions. Learn more at doorr.com
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com or finastracanada.com.
Filogix has served as the hub of the Canadian mortgage industry for almost two decades, offering secure, reliable connectivity to brokers and lenders. It provides trusted mortgage lending products that enable the effective management of the sales process from origination through to underwriting. Filogix’s open platform allows mortgage professionals to submit mortgage deals to the Filogix Lender network from their choice of front-end systems, and for lenders to receive applications regardless of the broker’s platform. Learn more at filogix.com