Mortgage Master Raises Seed Funding Round of SG$522,500 to Drive Expansion, Vows to Fix ‘Broken’ Mortgage Market

• Funding round was oversubscribed and closed within eight days
• Strategic capital will reinforce Mortgage Master's vision of ensuring homeowners in Southeast Asia can conveniently find the best mortgages tailored to their needs

SINGAPORE - 4 February 2020 - Mortgage Master, Asia's one-stop mortgage brokering platform, announced today that it has raised SG$522,500 in an oversubscribed seed funding round, exceeding its initial target of SG$400,000. Strategic investors include Bala Swaminathan, former President of Westpac International and Founder of S Cube Capital, and Andy Lim, Chairman of Tembusu Partners.

The investment by strategic investors, through FundedHere, the Monetary Authority of Singapore's first licensed equity crowdfunding platform, reflects their belief in Mortgage Master's growth opportunity in a market worth SG$50 billion per year, and the Singapore-based start-up's unique ability to eliminate inefficiencies in the mortgage process, while benefiting both homeowners and banks.

David Baey, Co-Founder and Chief Executive Officer, Mortgage Master, said: "We are honoured to welcome our new investors, who we are excited to work with to advance our business and vision. Since our founding in 2018, Mortgage Master has become the trusted platform for 2,500 customers, having transacted more than SG$500 million in home loans. The capital will be used to build deep technology capabilities to scale the platform, increase headcount, and enter new markets."

While Singapore's home ownership rate -- of 91 percent^[1] -- is expected to rise and owning a home is one of local millennials top aspirations^[2], Singaporeans also indicated wariness when it comes to buying a house, with affordability a key concern^[3] . In addition, research in developed markets reveal that nearly two-thirds of millennial homeowners have regrets after their purchase, in part due to excessive mortgage payments^[4].

Mortgage Master addresses this by giving unbiased advice and the best mortgage rates tailored to each homeowner's needs. The company's engineering-led training, customer-centric sales management, partnerships with all banks in Singapore, and referral program to maximise a customer's 'Return on Relationship', has boosted the revenue performance of its brokers to three times the industry average. Mortgage Master is on track to help homeowners save SG$100 million and increase partner banks' profits per year.

"A homeowner typically conducts 10 hours of research, assesses 15 banks -- with each touting the 'best' offering, and then spends two hours on paperwork, but often still ends up with buyer's remorse. A home is the most meaningful purchase you will make in your lifetime, and we believe the process of financing it with a mortgage must be better. Having observed this broken system first-hand, we started Mortgage Master to empower banks to behave the way they should -- in homeowners' best interests," said Baey.

Daniel Lin, Co-Founder and Chief Executive Officer, FundedHere, said: "This successful funding round reinforces the growing prevalence of angel investors wanting to take a direct and more strategic involvement in start-ups. Congratulations to Mortgage Master for closing a very successful campaign and we look forward to helping more high-potential businesses secure funding with the right investors."

Quotes from Investors:

"Mortgage Master is effectively looking to overhaul the way homeowners in Asia make the most expensive purchase of their lives, by being the neutral party that offers personalised advice, alongside a faster and more affordable mortgage process. Having been a banking professional for many decades, I am proud to support the company and I see many specific ways we can work together to transform the market," said Bala Swaminathan, seasoned start-up investor and lead investor in Mortgage Master's seed funding round.

"Mortgage Master has reengineered the mortgage process to not just benefit consumers, but financial institutions as well. This differentiated model, a team with deep industry know-how, and impressive first-year revenue momentum is a sign of even better things to come. I am thrilled to come on board as Mortgage Master continues its journey toward becoming the preferred platform for all Singaporeans buying or refinancing a home," said Andy Lim, Chairman, Tembusu Partners.

^[1] Department of Statistics Singapore. Population Trends 2019.

^[2] Deloitte. The 2019 Deloitte Millennial Survey.

^[3] PropertyGuru. H1 PropertyGuru Property Sentiment Index.

^[4] Bankrate. Homebuyers Survey February 2019.

About Mortgage Master:

Mortgage Master is Asia's one-stop mortgage brokering platform for homeowners to find the best mortgage rates tailored to their needs. Founded in 2018 by former bankers who finally decided it was time to stop selling only one bank's home loan product at a time, Mortgage Master is a neutral platform that partners with all banks and empowers them to behave the way they should -- in homeowners' best interests.

Driven by a team with extensive leadership, technology and sales expertise in corporate finance, personal finance, mortgage-related industries and FinTech innovation, Mortgage Master has transacted more than SG$500 million and delivered unbiased advice for SG$2 billion in home loans, serving more than 2,500 individual cases annually in Singapore.

For more information, please visit: https://mortgagemaster.com.sg.