IDF Capital backs South African fintech company
Fintech marketplace for home loans, MortgageMarket.co.za, has completed its latest funding round of R10 million ($692,700) with venture capital firm IDF Capital.
The company plans to use its new round of funding to bolster its growth strategy and expand its brand. MortgageMarket.co.za initially raised R7 million ($484,900) from its founders and private investors in 2019.
MortgageMarket.co.za was co-founded in 2019 by Tim Akinnusi, a former Nedbank home loans executive and former ABSA home loans managing executive.
“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 Akinnusi.
“We’re committed to working tirelessly for our customers, growing our team and building out our technology to provide them the best possible experience when pursuing homeownership.”
IDF Capital CIO, Dineo Skwambane, adds, “MortgageMarket.co.za fits well into our portfolio. 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.”
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