Mortgage Master, a mortgage brokering platform, has raised SG$928,000 in a Pre-Series A funding round, according to the company. The investment was led by Woon Young Jeong, along with existing investors, including Bala Swaminathan, former President of Westpac International and Founder of S Cube Capital, and Andy Lim from Tembusu Partners.
The company states that the funding arrives following a year of consistent growth as it saw its customer base grow by 3X. Mortgage Master serves homeowners in Singapore by reducing loan repayments. Since its launch, Mortgage Master reports delivering advice for SG$4 billion worth of home loans and directly facilitating SG$800 million in home loan transactions on behalf of partner banks.
David Baey, co-founder and CEO of Mortgage Master, said the renewed funding from investors reflects their confidence in their business model:
“With Singaporeans seeking a greater financial cushion amidst pandemic-induced uncertainty, those who own homes have benefitted from having Mortgage Master identify and secure the most favourable mortgage refinancing rates across the market and ‘return’ them a significant amount of cash that would have otherwise gone to waste. We are humbled by the trust that has been placed in Mortgage Master all around and will use the investment wisely to double down on our commitment toward doing right by every homeowner.”
Mortgage Master plans on using the capital to enter new markets while boosting customer acquisition and forming new partnerships. Mortgage Master’s primary goal is to ensure that excessive mortgage repayments do not impede individuals’ homeownership aspirations.
Indonesia is expected to be the next market Mortage Master tackles as home loan interest rates are said to be the highest in Southeast Asia. The company has already established a local office and formed partnerships with five major banks.
Woon Young Jeong, described as a seasoned angel investor, said that by running a differentiated, customer-centric, and bank-agnostic model, Mortage Master offers a more transparent and efficient experience for customers’ journey to homeownership.
“What truly differentiates David and his team is their relentless focus on “doing what is right” for customers, while enabling partner banks to become more cost- and time-efficient. Mortgage Master is also accelerating its development in technology to address customers’ needs at scale, and I look forward to supporting the company as it strives to become the partner of choice for customers and business partners across the regional real estate ecosystem.”