Canada-based Filogix, the mortgage business of Finastra, has acquired the cloud-based point-of-sale (POS) mortgage application software provider Doorr.
Financial details of the transaction were not divulged.
Doorr’s software solution is used by brokers to improve the mortgage experience for end-customers.
Doorr co-founder and CEO Muhammad Rashid said: “We are excited to be joining the Finastra family, extending our trusted partnership.
“Our values around digitising the mortgage application process to drive an improved customer experience while harnessing the power of open APIs are well aligned.”
The acquisition is in line with Finastra’s strategic investment in the mortgage marketplace of Filogix, to connect consumers to brokers, lenders, and partners for secure mortgage application process.
Doorr’s acquisition will bolster Filogix’s mortgage solutions deliverables in the Canadian market, which will benefit consumers, brokers and lenders.
The deal will offer features like digital signatures and self-service interaction capabilities to consumers,
It will reduce paperwork for brokers by digitising the mortgage application processes and through custom workflows.
For lenders, the deal will bring more mortgage volume from new and emerging channels.
Finastra SVP of technology enabled managed services Siobhan Byron 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.”
In July 2020, Finastra partnered with Microsoft to expedite the digital transformation of financial services.