Accelerate Fund III invests in Simplicity’s reinvention of the mortgage process

Calgary, AB, October 19, 2020 – Accelerate Fund III made the first investment of its new fund into Simplicity Global Solutions, a Calgary-based financial technology company offering a mortgage application platform that cuts time and data duplication out of the mortgage process for brokers, loan applicants and other stakeholders.

Without a unified, automated platform, it can take weeks to go through the process of obtaining a mortgage in Canada. Simplicity’s goal is to reinvent the mortgage process and reduce that time to just hours. Where existing mortgage tools focus on supporting a single step of mortgage application, or connecting just a few stakeholders, Simplicity seeks to connect the entire mortgage community including realtors, mortgage brokers and lawyers, and accelerate the whole process in one platform.

“We’re working from a vision to be the one place to go to deliver a residential mortgage experience that is quick, easy and accurate for the borrower and mortgage broker,” explained Neil Babiy, Simplicity Co-founder and President. “The application process needs to be accessible from anywhere, pull information instantly from banks and government agencies, and free mortgage brokers to spend more time advising borrowers and growing their business. It should take 30 minutes or less to apply for a loan, and just hours for approval.”

The vision for Simplicity Mortgage reflects the modern concept of smart contracts where information is pulled directly from different data sources eliminating incomplete, inaccurate or fraudulent information from entering the process. With data accurate and verified from the start, the borrower gets answers sooner and the lender has confidence in the process.

“Simplicity is integrating a set of highly complex financial processes with a spider web of stakeholders and data sources,” said Arden Tse, Investment Manager for Accelerate Fund III. “There are opportunities to apply their workflow management platform beyond mortgages into other credit products and insurance. This is an experienced team with a strong ability to develop partnerships, creating an opportunity to modernize the operations of the lending industry and beyond.”

Simplicity has recently secured a partnership with FNF Canada, one of Canada’s largest providers of mortgage and loan related services to Canadian financial institutions and their clients. FNF Canada is owned by Fidelity Insurance out of Chicago. Simplicity also has an established direct data connection with 3500 municipalities, has a partnership with Chicago Title Insurance and has its platform in use by several Alberta law firms.

Investment from Accelerate Fund III will enable Simplicity to onboard new clients and expand engineering capacity. The business is focused on Canada as an initial proof of concept market, with opportunity to take Simplicity into the Australian and UK markets ahead where the mortgage process is similar.

About Simplicity

Simplicity Global Solutions Ltd. is a Canadian fintech company offering an innovative and secure cloud-based platform designed to connect settlement companies, lawyers, mortgage brokers and the end consumer to offer quick, easy, accurate and secure sharing of information. The platform enables the frictionless flow of information across the entire real estate eco-system to eliminate inefficiencies while improving productivity for the benefit of all industry participants, visit www.simplicity.global.

About Accelerate Fund III

Accelerate Fund III is an early-stage angel co-investment fund in Alberta. We co-invest alongside angel investors in financing rounds and will typically invest $250,000 on the same terms and conditions as private investors. We work with formal angel groups, super-angels, family funds, and individual angel investors. Accelerate Fund III invests in private, early-stage Alberta companies in knowledge-based industries including: information and communications technology, energy technology, as well as life sciences, including agriculture and biotech. Accelerate Fund III is managed by Yaletown Partners with the support of The A100. Alberta Enterprise Corporation is Accelerate Fund III’s lead Limited Partner. www.acceleratefund.ca

Media Inquiries:

Accelerate Fund II
Material Insight
403.703.0029
claudia@materialinsight.com

Simplicity

Neil Babiy, Simplicity Co-founder and President
neil.babiy@simplicity.global