Jakarta-based digital mortgage platform IDEAL has raised $3.8m in a pre-seed funding round.
According to a report by The Business Times, the round was co-led by Indonesia’s AC Ventures and Alpha JWC, with participation also from Living Lab Ventures, and property player Ciputra Group.
Ideal’s platform helps users calculate the costs and instalments in mortgages and to apply to multiple banks with a single set of data, instead of having to approach mortgage providers individually.
The startup said it will use the funding to develop its products, hire new talent, and expand its coverage from primary properties to secondary properties and mortgage refinancing. It also hopes to expand into other big-ticket consumer loans and enter new South-east Asian markets.
Last month the startup launched a digital aggregator platform. According to a report from Jakarta Globe, Albert Surjaudaja, IDEAL’s co-founder and chief executive officer, said, “The Covid-19 pandemic that hit Indonesia in the last two years has pushed digitalization in various sectors. The need to work from home or in a hybrid way encourages people to choose a comfortable and safe place to live…
“I am optimistic that IDEAL can optimize the mortgage loan process and ease the burden on prospective borrowers. We dream that one day applying for a mortgage will be as easy as ordering lunch via an app.”
The mortgage market is fraught with frictions. Another company looking to take this on, is Tomo, which raised $40m in Series A funding earlier this year.
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