Royal Bank of Canada (RBC) has announced the acquisition of Toronto‑based Pinch Financial, a FinTech which enables banks and mortgage lenders to verify data and automate mortgage applications.

The terms of the deal were not disclosed.

Pinch operates an online platform which verifies borrower information to help Canadians qualify for a mortgage and submit applications to lenders.

RBC said the move would enable it to provide a faster and better experience for its mortgage customers, and supports its aim of using new technology to create more personalised experiences.

“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 at RBC. “Pinch’s technology will help us accelerate our digital roadmap to deliver a quicker, more streamlined mortgage experience for Canadians.”

Andrew Wells, chief executive of Pinch Financial, added that the deal would allow the firm to bring its technology to more Canadians as part of a team that “shares our vision for innovation in financial services”.

Last month, RBC announced it had created a dedicated AI group to drive the bank’s artificial intelligence ambitions over the coming years.

The new team will work closely with business and functional units to turn high‑potential AI use cases into market‑ready tools that deliver value for clients.

As well as helping to scale AI technology across the organisation, the group will be responsible for advancing research into emerging use cases in generative and agentic AI, while maintaining expertise in security, responsible AI and regulatory compliance.

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