- \n
- Mortgage brokering platform helps homeowners in
\nSingapore save more than SG$100 million in home loan repayments throughout the pandemic<\/i><\/li>\n- Strong business momentum in the past year convinced
\ninvestors to inject a fresh round of capital investment for the company to
\naccelerate growth<\/i><\/li>\n<\/ul>\n
\n <\/p>\nSINGAPORE –\u00a0Media
\nOutReach<\/a>\u00a0– 28 April 2021\u00a0<\/b>–\u00a0<\/b>Mortgage Master<\/a>, Asia’s one-stop mortgage brokering platform,
\nannounced today that it has raised SG$928,000 in a Pre-Series A funding round
\nto build on strong customer momentum and accelerate overseas expansion. This
\nround of investment was led by private angel investor Woon Young Jeong, and
\nexisting investors, including Bala Swaminathan, former President of Westpac
\nInternational and Founder of S Cube Capital, and Andy
\nLim from Tembusu Partners<\/a>.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nThe
\nsuccessful fundraising follows 12 months of consistent growth, which saw
\nMortgage Master triple its customer base in Singapore and help homeowners
\ncollectively reduce their monthly home loan repayments by more than SG$100
\nmillion. Since its launch, Mortgage Master has delivered unbiased advice for SG$4
\nbillion worth of home loans and directly facilitated SG$800 million in home
\nloan transactions on behalf of partner banks.<\/p>\n
\n <\/p>\n
\n“Renewed funding from our investors reflects their confidence in our business
\nmodel, growth trajectory, and our ability to meet a genuine need that has
\nbecome more pronounced in recent months,” said![](\"https:\/\/www.media-outreach.com\/Release\/templates\/images\/socialMedia\/iconmonstr-linkedin-1-24.png\"\/)
David Baey<\/b><\/a>, Co-Founder and Chief Executive
\nOfficer, Mortgage Master<\/b>.
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\n“With
\nSingaporeans seeking a greater financial cushion amidst pandemic-induced
\nuncertainty, those who own homes have benefitted from having Mortgage Master
\nidentify and secure the most favourable mortgage refinancing rates across the
\nmarket and ‘return’ them a significant amount of cash that would have otherwise
\ngone to waste. We are humbled by the trust that has been placed in Mortgage
\nMaster all around and will use the investment wisely to double down on our
\ncommitment toward doing right by every homeowner,” added Baey.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nThe
\ncapital will be used to strengthen customer acquisition through customer
\neducation, forge strategic partnerships, and enter new markets. With the
\nfunding, Mortgage Master can continue transforming the mortgage landscape and create
\na home loan market that is beneficial to both homeowners and banks.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nBenefits
\nfrom Affordable Home Loans Extend to Other Aspects of Personal Finance<\/b><\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nWhile
\nMortgage Master’s primary goal is to ensure that excessive mortgage repayments do
\nnot impede individuals’ home ownership aspirations, the Singapore-headquartered
\ncompany recognises that homeowners must effectively juggle home loans alongside
\nother considerations and obligations to sustain their financial well-being.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nPart of
\nMortgage Master’s Pre-Series A funding will therefore be dedicated toward
\nestablishing strategic collaborations, including but not limited to
\npartnerships with SNACK by Income to enhance homeowners’ personal insurance
\ncoverage; and 99.co to aid home seekers with affordability assessments before
\nthey embark on their house hunting journeys. Mortgage Master also seeks to help
\nhome buyers reorientate their personal finances and ensure financial well-being
\nwhile they finance their dream homes in the current economic climate through
\nengaging them on community platforms such as Seedly.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nExpansion
\ninto Indonesia to Tackle Southeast Asia’s Highest Mortgage Rates<\/b><\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nMortgage
\nMaster aims to likewise eliminate inefficiencies in mortgage processes across
\nIndonesia, while benefitting both the country’s homeowners and banks. Indonesia’s
\nhome loan interest rates \u2013 currently the highest in Southeast Asia[1]<\/sup>
\n\u2013 have resulted in home affordability being a longstanding concern and home ownership
\nrates in a city like Jakarta hovering at less than 50 percent[2]<\/sup>.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\nTo tackle
\nthis, Mortgage Master will leverage its funding to accelerate expansion into
\nIndonesia. To date, the company has already established a local office and
\ninked partnerships with five major banks. While exploring further partnerships,
\nMortgage Master Indonesia<\/a> is simultaneously ensuring that its
\nnew staff on the ground complete the same proprietary training and adhere to the customer-centric sales management
\nprocess that has earned the trust of homeowners in Singapore.<\/p>\n
\n <\/p>\n
\n“Mortgage Master is on a mission to reshape the mortgage market in Singapore,
\nIndonesia and across the region. By running a differentiated, customer-centric,
\nand bank-agnostic model, the company offers a more transparent and efficient
\nexperience for customers’ journey to homeownership. What truly differentiates
\nDavid and his team is their relentless focus on “doing what is right” for
\ncustomers, while enabling partner banks to become more cost- and
\ntime-efficient. Mortgage Master is also accelerating its development in
\ntechnology to address customers’ needs at scale, and I look forward to
\nsupporting the company as it strives to become the partner of choice for
\ncustomers and business partners across the regional real estate ecosystem,”
\nsaid Woon Young Jeong, seasoned angel investor and lead investor in Mortgage
\nMaster’s Pre-Series A funding round<\/b>.<\/p>\n
\n <\/p>\n\u00a0<\/b><\/p>\n
\n <\/p>\n“Mortgage
\nMaster has exceeded my expectations since its last fundraise, which made my decision
\nto increase my investment a straightforward one. What impresses me the most is
\nthe company’s ability to continuously establish itself as a credible and
\nvalue-adding partner to all 16 licensed financial services institutions in
\nSingapore, while maintaining its neutral platform status to give homeowners
\npersonalised advice and help them better afford the biggest purchase of their
\nlives. I look forward to continuing to work together with David to transform
\nthe market in both Singapore and Indonesia,” said Bala Swaminathan, who was
\nthe lead investor in Mortgage Master’s <\/b>previous seed funding round<\/b><\/a>.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\n“Since
\n2018, Mortgage Master has stepped in to create a positive impact on a
\nhomeowner’s personal finances and plans for the future. My follow-on investment
\nis a reinforcement of my belief that Mortgage Master is not just on track to
\nbecome the trusted and preferred platform for people buying or refinancing a
\nhome, but also a strong partner of choice for other companies who have adjacent
\nofferings in personal finance and are looking to drive positive and holistic
\nimpact on individuals’ financial well-being,” said Andy Lim from Tembusu
\nPartners<\/b>.<\/p>\n
\n <\/p>\n\u00a0<\/p>\n
\n <\/p>\n
<\/p>\n
\n\n[1]<\/sup> Numbeo. Southeast Asia:
\nRankings by Country of Mortgage Interest Rate in Percentages. 2021.<\/p>\n<\/div>\n - Strong business momentum in the past year convinced