With software like ChatGPT garnering global attention, it should come as no surprise that the Royal Bank of Canada (RBC) is slicing itself a piece of the AI pie.
On Tuesday, the Canadian financial services company announced the acquisition of real estate proptech platform OJO Canada for an undisclosed amount. Bolstered by AI, OJO Canada guides consumers through the home-buying experience with customized home search tools, on-demand support services, and access to industry experts.
“Canadians have aspirations to fulfill their home ownership ambitions, yet they are up against an incredibly challenging housing market. Now more than ever, consumers need a trusted ally to guide them through the home buying and selling journey,” said Karen Starns, CEO of OJO Canada in a press release. “We see ourselves as that ally.”
OJO’s foray into Canada has been a long time coming.
In 2018, RBC’s venture arm, RBCx, formed a partnership with OJO Holdings Corp. to develop and test real estate product innovations for the Greater Toronto Area. This led to the launch of OJO Canada in 2021, which has since reached millions of home buyers, according to RBC.
The acquisition of OJO Canada is representative of RBC's expanding presence in the proptech space and a complement to the company’s “comprehensive portfolio of existing ventures within RBCx to support Canadians as they find, rent, buy, move into, and maintain a home,” including MoveSnap, Smart Reno and GarbageDay.
“We’re excited to bring OJO Canada into the broader RBCx portfolio of ventures and look forward to building upon the platform’s unique capabilities,” said Sid Paquette, Head of RBCx. “In doing so, we remain focused on deepening our relationship with Canadian home buyers and real estate industry professionals, and delivering value-added experiences that eliminate pain points across their complete home buying journey.”
Cover photo: RBC.com