In a Series A funding round led by IDF Capital, a leading venture capital company, Johannesburg-based fintech startup Mortgage Market, co-founded by a Nigerian, has secured R10 million ($687k). The funding will be used to develop the brand and establish the newly formed startup, according to the Fintech.
“MortgageMarket.co.za was founded to simplify the process of getting a home loan by eliminating unnecessary paperwork and inefficiency in the home financing process. Globally, the integration of secure technology and financial services has made significant strides and we believe customers are ready to embrace the choice, convenience, transparency, and control our offering presents”, said Tim Akinnusi, co-founder of Mortgage Market.
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Why The Investors
“The company has exhibited strong traction to date; in addition to developing a healthy sales pipeline and business partnerships. Importantly, we are jointly executing our value creation strategy with MortgageMarket. This will see interesting synergies between MortgageMarket.co.za and our other portfolio companies; the result of which will yield greater shared-value to the market,” IDF Capital CIO, Dineo Skwambane.
This investment comes after an initial R7 million ($481k) secured in 2019 from its founders and private investors.
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A Look At What MortgageMarket Does
Mortgage Market, founded in 2019, is a fintech start-up that has created a home loan online marketplace. Via its online platform, users are able to access a home loan easily.
In order to ensure that clients receive the best home loan on the market, the fintech start-up is run on the basis of a shared value model. In addition, the startup has developed a pre-approval software capability for home loans that provides consumers with access to a free appraisal of credit and affordability. This extra feature gives users precise knowledge of their spending ability and finances.
It provides customers with cashback of up to R25 000, according to the fintech start-up, who use its fully automated platform to obtain a loan.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer
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