MortgageMarket Proprietary Limited

Based in South Africa, MortgageMarket offers a platform that simplifies the comparison and application process for home loans from various banks, enhancing consumer experience in securing financing for properties. MortgageMarket Proprietary Limited, founded in 2019 and headquartered in Johannesburg, South Africa, specializes in streamlining the home loan application process for consumers. The company was founded by Kobi Dorenbush and Tim Akinnusi, with Tim Akinnusi currently serving as CEO. In February 2021, the company raised ZAR 10 million in Series A funding led by IDF Capital, which constitutes the total amount raised to date.

MortgageMarket has successfully completed 2 deals since its inception. MortgageMarket specializes in providing a streamlined platform for comparing and applying for home loans from South Africa’s leading banks. Their core offering allows customers to create a personal profile, submit a real-time application, and receive a selection of tailored home loan options. The service aims to enhance consumer autonomy and ease in the home loan process, promoting transparency and competition among financial institutions.

Customers can save up to 0. 5% on their interest rates, and upon selecting a home loan, the banks facilitate the signing of necessary documentation at attorney offices. Additionally, MortgageMarket offers a cashback incentive of up to ZAR 5,000, effectively targeting homebuyers seeking financial flexibility and rewards for their mortgage decisions. The service primarily caters to individuals and families looking for home financing solutions in South Africa, with a focus on urban populations in major cities.

The revenue model for MortgageMarket is predicated on partnerships with banks and financial institutions as well as the value-added services provided to clients seeking home loans. Clients utilize the platform to access home loan options from multiple banks through a single application, streamlining the process and reducing the time spent on obtaining financing. MortgageMarket also generates revenue through the cashback offer to customers, which serves as an incentive for engaging with their services and may encourage higher transaction volumes. While specific pricing structures for services are not disclosed, the company's primary offerings include the home loan application service and the unique cashback guarantee.

This model places MortgageMarket directly in the B2C sector, catering to individual consumers in their pursuit of advantageous home loan terms. In February 2021, MortgageMarket Proprietary Limited raised ZAR 10 million in Series A funding, led by IDF Capital, aimed at expanding the brand and growing its operations. The company plans to design and launch new products intended to enhance their service offerings, although specific release dates have not been disclosed. Additionally, MortgageMarket aims to expand into new geographic markets, focusing on regions within South Africa yet to be explored, although specific details regarding these markets or timelines have not been provided.