Mr. Matt Trocchi reports

RBC TO ACCELERATE DIGITAL MORTGAGE QUALIFICATION CAPABILITIES WITH ACQUISITION OF PINCH FINANCIAL

Royal Bank of Canada has acquired Toronto-based Pinch Financial Inc., a fintech company offering innovative mortgage qualification technology.

Pinch operates a cutting-edge platform that verifies borrower information on-line 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 road map 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, chief executive officer, 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 RBC's vision of leveraging new technologies to create exceptional, personalized experiences for Canadians.

About Royal Bank of Canada

Royal Bank is a global financial institution with a purpose-driven, principle-led approach to delivering leading performance. Its success comes from the 101,000-plus employees who leverage their imaginations and insights to bring the bank's vision, values and strategy to life so the bank can help its clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, it has a diversified business model with a focus on innovation and providing exceptional experiences to its more than 19 million clients in Canada, the United States and 27 other countries.

The bank is proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities.

About Pinch Financial Inc.

Pinch Financial is a Canadian fintech provider enabling consumers to qualify for mortgages across multiple financial institutions completely on-line. 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.