South African fintech start-up secures Rand 10million
Mortgage market secures Rand 10 million
According to fintech, the funding will be used to expand the brand and develop the newly founded startup.
IDF Capital CIO, Dineo Skwambane comments on the investment made in the fintech startup.
“The company has shown strong traction to date; in addition to developing a healthy sales pipeline and business partnerships. Above all, we are jointly executing our value creation strategy with MortgageMarket. This will see interesting synergies between Mortgage Market.co.za and our other portfolio companies; the result of which will bring greater shared value to the market ”.
This investment follows an initial investment of R7 million obtained from its founders and private investors in 2019.
Founded in 2019, Mortgage Market is a fintech startup that has created an online marketplace for home loans. Users can easily access a home loan through its online platform.
Tim Akinnusi, co-founder of Mortgage Market, gives an overview of the goals of the fintech startup.
“Mortgage Market.co.za was founded to simplify the process of obtaining a home loan by removing unnecessary red tape and inefficiency in the home financing process. Globally, the integration of secure technologies and financial services has made tremendous progress and we believe customers are ready to accept the choice, convenience, transparency and control of our present offering, ”said Tim Akinnusi.
The fintech start-up is managed on the basis of a shared value model in order to guarantee clients the best mortgage on the market. Additionally, the startup has developed a home loan pre-approval technology capability that allows users to access free credit and affordability assessment. This additional functionality provides users with precise knowledge of their purchasing potential and finances.
According to the fintech startup, it offers users cash back of up to R25,000 who use its fully automated platform to get a loan.
The selected image: Tim Akinnusi, co-founder of Mortgage Market (Supplied)