South Africa-based Mortgage Market said to close $691,000 investment round

South Africa-based Mortgage Market has reportedly netted ZAR 10m ($691,000) in its latest funding round, which was led by IDF Capital.

This funding round will enable the company to expand its brand and further the company’s growth, according to a report from Venture Burn.

Founded in 2019, the company offers a digital platform for taking out a mortgage. It claims to be the first independent online marketplace for home loans in South Africa.

A consumer simply makes their profile and can then choose between loan offers from a number of the top banks in the country.

The company’s co-founder Tim Akinnusi told Venture Burn that Mortgage Market was founded to eliminate the unnecessary paperwork within the process and remove other inefficiencies.

Earlier in the month, Globacap collected a $9m Series A investment from Johannesburg Stock Exchange. The FinTech company leverages technology to digitise private hares and debt instruments.

Last year, fellow South Africa-based FinTech company FinChatBot collected £1.2m in funding. The AI-powered conversational solution raised the funds to support its international expansion.

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