SA MortgageMarket startup raises $ 687,000 to expand operations
South Africa’s mortgage market, MortgageMarket, has raised ZAR 10 million ($ 687,000) to expand nationwide.
Founded in 2019, Mortgage market is a customer-centric online platform that leverages technology and customer service to enable users to compare mortgage offers from South Africa’s six largest banks within 48 hours.
Now embarking on an expansion strategy after securing investment from a venture capital firm IDF capital. The ZAR 10 million increase comes after MortgageMarket raised ZAR 7 million (US $ 481,000) from its founders and private investors in 2019.
“We will use the funding to strengthen our operations locally, working alongside our partners and the six largest SA banks,” said Tim Akinnusi, CEO of MortgageMarket.
“Our platform is aimed at clients from all corners of the country with no immediate plans to expand internationally. We are committed to working tirelessly for our clients, growing our team and developing our technology to provide them with the best possible experience when looking for home ownership.
Dineo Skwambane, chief investment officer of IDF Capital, said MortgageMarket fits well into the company’s portfolio.
“The company has shown strong traction to date, in addition to developing a healthy sales pipeline and business partnerships. Most importantly, we are jointly executing our value creation strategy with MortgageMarket, ”she said. “This will see interesting synergies between MortgageMarket and our other portfolio companies; the result of which will bring greater shared value to the market.
Akinnusi said his company has always wanted to partner with an investment firm that understands how to unlock value beyond injecting capital.
“The fit with the IDF’s mission was instantaneous; they have a credible track record of investing and building South African startups that play an important role in building the South African economy and creating value for consumers, ”he said.