RBC to accelerate digital mortgage qualification capabilities with acquisition of Pinch Financial

Strategic acquisition positions RBC to deliver a faster, simpler mortgage experience for Canadians

 Royal Bank of Canada (TSX: RY) (NYSE: RY) today announced it has acquired Toronto-based Pinch Financial Incorporated ("Pinch"), a fintech company offering innovative mortgage qualification technology.

Pinch operates a cutting-edge platform that verifies borrower information online to help qualify Canadians for a mortgage and submit applications to lenders.

"This acquisition helps us deliver on our commitment to bring the best solutions to clients on their path to home ownership," said Janet Boyle, Senior Vice President, Home Equity Financing, RBC. "Pinch's technology will help us accelerate our digital roadmap to deliver a quicker, more streamlined mortgage experience for Canadians."

"We started Pinch to make mortgages more relevant and familiar for digital-first consumers--making the qualification process faster, simpler, and more transparent for borrowers," said Andrew Wells, CEO, Pinch Financial. "This acquisition gives us the opportunity to bring our technology to more Canadians while being part of a team that shares our vision for innovation in financial services. Together, we're excited to continue pushing what's possible in digital mortgage experiences."

This acquisition supports RBCs vision of leveraging new technologies to create exceptional, personalized experiences for Canadians.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 101,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.‎

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

About Pinch
Pinch Financial is a Canadian fintech provider enabling consumers to qualify for mortgages across multiple financial institutions completely online. Founded in 2016 by Andrew Wells and Soheil Baouji, Pinch has helped tens of thousands of Canadians apply for mortgages and purchase homes since inception. Pinch has built industry leading experiences for both consumers and mortgage professionals that make the financing process dynamic, collaborative, and efficient.

Media contact:
Matt Trocchi, RBC

SOURCE RBC Royal Bank

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