Pedestrians pass an RBC branch in Toronto. The bank says it's buying Pinch Financial to streamline mortgage applications for customers.Sammy Kogan/The Globe and Mail
Royal Bank of Canada RY-T says it has acquired financial technology firm Pinch Financial Inc.
Terms of the agreement were not immediately available.
Pinch was founded in 2017 and helps simplify the mortgage application process.
It operates a platform that helps banks and lenders verify borrower information online and speed mortgage applications.
RBC says the acquisition will help the bank offer a faster, simpler mortgage experience for borrowers.
Janet Boyle, senior vice-president of home equity financing at RBC, says the technology will help the bank accelerate its digital road map to deliver a quicker, more streamlined mortgage experience for Canadians.