On December 4, 2023, Canada Life announced a strategic partnership with nesto, a leading digital mortgage company in Canada. This collaboration involves transferring the servicing and support of Canada Life's existing residential mortgage portfolio to nesto. This move follows Canada Life's 2022 decision to exit the residential mortgage market.

Steve Fiorelli, Senior Vice President of Wealth Solutions at Canada Life, emphasized the importance of nesto's award-winning customer service platform in their decision. The partnership aims to offer mortgage customers superior service for their significant investments. Starting January 2024, nesto will handle the servicing of existing mortgages and take responsibility for Canada Life mortgages at maturity. Canada Life customers will experience a modern, digital customer experience while continuing to receive wealth and insurance advice from their current advisors.

This arrangement marks a significant development for nesto, increasing its mortgages under management to over $10 billion. Since its inception in 2018, the Montreal-based startup has seen substantial growth and has been recognized with several industry accolades, such as the 2023 Canadian Mortgage Lender of the Year by the Canadian Lending Association and Canada's Best Mortgage Lender by Forbes Advisor.

Malik Yacoubi, CEO of nesto, expressed his enthusiasm for the partnership, aligning with their mission to offer a positive and transparent home financing experience for Canadians. He acknowledged the role nesto plays in Canada Life's long history, committing to maintaining high standards in mortgage services.