Angel Oak to buy Canadian banking-as-service start-up Covience

Angel Oak has announced its intention to purchase Canadian start-up Covience, a deal that will grow Angel Oak’s global footprint.

The acquisition, expected to happen next month, is part of the mortgage lender’s strategy to enhance its digital capabilities in the US while expanding its global presence. Toronto-based Covience offers advisory services and banking-as-a-service capabilities to the Canadian and US markets.

Angel Oak said that Covience will enable it to execute its “digital-first initiatives” and make greater use of cloud-based resources across its diverse offering of lending and investment products.