In a significant move to address one of real estate’s most time-consuming challenges, FCT has acquired a majority stake in Fintracker, a digital identity verification solutions company.
The Oakville-based company announced the news on Jan. 28, stating that the partnership aims to streamline compliance with KYC and anti-money laundering (AML) regulations while improving security and efficiency in real estate transactions.
“Fintracker’s advanced identity verification technology, when combined and integrated with our trusted services, will help create a more secure, seamless, and fully compliant experience for all stakeholders while shaping the future of connected and intelligent identity verification processes,” says Michael LeBlanc, CEO of FCT.
Fintracker has contracts with many of Canada’s real estate boards and brokerages, including TRREB subsidiary PropTx.
Why Fintracker?
Founded by former Realtor Simon Fiore, Fintracker was created to simplify the tedious FINTRAC compliance process. In a 2023 interview with Real Estate Magazine, Fiore shared that the idea for Fintracker originated in his Winnipeg brokerage. “I was like many agents struggling with these forms and not submitting them in a timely manner,” Fiore said. His initial goal was to solve the problem for his own brokerage, but the solution gained traction.
The platform has since evolved into a tool for completing FINTRAC forms, digitizing workflows, and reducing the potential for human error. During the pandemic, its ability to facilitate remote identity verification for non-physically present clients made it an important tool for many brokerages.
A shared vision for the future
With Fintracker’s solutions now integrated into its operations, FCT aims to create a “connected identity ecosystem” that accelerates the home-buying process while safeguarding sensitive personal data. Fintracker’s founders, Fiore and CTO Matt Amihude, will continue to lead the company as it expands under FCT’s umbrella.
“Partnering with FCT allows us to scale our mission of simplifying compliance for agents and brokerages across Canada,” says Fiore. “Our shared vision is to minimize friction for both the public and our clients, while raising the bar for KYC and AML compliance. Together, we’re fostering greater trust, transparency, and efficiency in real estate transactions.”
Fiore, who described himself as “the least tech-savvy agent in the country” when he started Fintracker, believes there’s no replacement for human relationships in real estate.
“Technology is always going to try and replace us, but one-on-one and face-to-face interactions, gaining trust and building relationships are still the keys,” Fiore told REM.
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