South African fintech startup MortgageMarket snags Series A funding

 South African fintech startup MortgageMarket snags Series A funding

IDF Capital, a specialist venture financing institution, has backed South African fintech marketplace MortgageMarket.

The Johannesburg-based startup has raised ZAR 10 million (US$690,000) in a Series A funding round. This comes an initial funding round of ZAR7 million in 2019.

IDF Capital is a venture capital firm with over ZAR1.5 billion (about US$104 million) in assets under management.

MortgageMarket was started by former Nedbank home finance executive Tim Akinnusi two years ago. It helps home loan borrowers to compare offers from lenders.

Fintech startups have been on the hot seat in the continent of late, leading the venture funding ecosystem.

Last month, Kenyan insurance-tech startup Pula bagged US$6 million in Series A funding.

According to a report by startup news platform Disrupt Africa, close to 400 African startups raised over $700 million funding in 2020. This is a sharp spike from 2019 despite the coronavirus pandemic affecting businesses around the world as also on the continent.

Startups in Kenya, Nigeria, South Africa and Egypt topped the charts in attracting venture funding. Close to a quarter of the startups that raised funding in the continent belonged to the fintech domain, according to the report.

Vivek Sinha

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