Mortgage Master Raises SG$928,000 in Pre-Series A Funding to Deepen Support for Homeowners in Singapore and Expand into Indonesia

• Mortgage brokering platform helps homeowners in Singapore save more than SG$100 million in home loan repayments throughout the pandemic
• Strong business momentum in the past year convinced investors to inject a fresh round of capital investment for the company to accelerate growth

SINGAPORE - Media OutReach - 28 April 2021-Mortgage Master, Asia's one-stop mortgage brokering platform, announced today that it has raised SG$928,000 in a Pre-Series A funding round to build on strong customer momentum and accelerate overseas expansion. This round of investment was led by private angel investor Woon Young Jeong, and existing investors, including Bala Swaminathan, former President of Westpac International and Founder of S Cube Capital, and Andy Lim from Tembusu Partners.

The successful fundraising follows 12 months of consistent growth, which saw Mortgage Master triple its customer base in Singapore and help homeowners collectively reduce their monthly home loan repayments by more than SG$100 million. Since its launch, Mortgage Master has delivered unbiased advice for SG$4 billion worth of home loans and directly facilitated SG$800 million in home loan transactions on behalf of partner banks.
"Renewed funding from our investors reflects their confidence in our business model, growth trajectory, and our ability to meet a genuine need that has become more pronounced in recent months," said David Baey, Co-Founder and Chief Executive Officer, Mortgage Master.

"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," added Baey.

The capital will be used to strengthen customer acquisition through customer education, forge strategic partnerships, and enter new markets. With the funding, Mortgage Master can continue transforming the mortgage landscape and create a home loan market that is beneficial to both homeowners and banks.

Benefits from Affordable Home Loans Extend to Other Aspects of Personal Finance

While Mortgage Master's primary goal is to ensure that excessive mortgage repayments do not impede individuals' home ownership aspirations, the Singapore-headquartered company recognises that homeowners must effectively juggle home loans alongside other considerations and obligations to sustain their financial well-being.

Part of Mortgage Master's Pre-Series A funding will therefore be dedicated toward establishing strategic collaborations, including but not limited to partnerships with SNACK by Income to enhance homeowners' personal insurance coverage; and 99.co to aid home seekers with affordability assessments before they embark on their house hunting journeys. Mortgage Master also seeks to help home buyers reorientate their personal finances and ensure financial well-being while they finance their dream homes in the current economic climate through engaging them on community platforms such as Seedly.

Expansion into Indonesia to Tackle Southeast Asia's Highest Mortgage Rates

Mortgage Master aims to likewise eliminate inefficiencies in mortgage processes across Indonesia, while benefitting both the country's homeowners and banks. Indonesia's home loan interest rates – currently the highest in Southeast Asia^[1] – have resulted in home affordability being a longstanding concern and home ownership rates in a city like Jakarta hovering at less than 50 percent^[2].

To tackle this, Mortgage Master will leverage its funding to accelerate expansion into Indonesia. To date, the company has already established a local office and inked partnerships with five major banks. While exploring further partnerships, Mortgage Master Indonesia is simultaneously ensuring that its new staff on the ground complete the same proprietary training and adhere to the customer-centric sales management process that has earned the trust of homeowners in Singapore.
"Mortgage Master is on a mission to reshape the mortgage market in Singapore, Indonesia and across the region. By running a differentiated, customer-centric, and bank-agnostic model, the company 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," said Woon Young Jeong, seasoned angel investor and lead investor in Mortgage Master's Pre-Series A funding round.

"Mortgage Master has exceeded my expectations since its last fundraise, which made my decision to increase my investment a straightforward one. What impresses me the most is the company's ability to continuously establish itself as a credible and value-adding partner to all 16 licensed financial services institutions in Singapore, while maintaining its neutral platform status to give homeowners personalised advice and help them better afford the biggest purchase of their lives. I look forward to continuing to work together with David to transform the market in both Singapore and Indonesia," said Bala Swaminathan, who was the lead investor in Mortgage Master's previous seed funding round.

"Since 2018, Mortgage Master has stepped in to create a positive impact on a homeowner's personal finances and plans for the future. My follow-on investment is a reinforcement of my belief that Mortgage Master is not just on track to become the trusted and preferred platform for people buying or refinancing a home, but also a strong partner of choice for other companies who have adjacent offerings in personal finance and are looking to drive positive and holistic impact on individuals' financial well-being," said Andy Lim from Tembusu Partners.

^[1] Numbeo. Southeast Asia: Rankings by Country of Mortgage Interest Rate in Percentages. 2021.

^[2] ResearchGate. Young Adults and Home Ownership in Jakarta, Indonesia. July 2020.

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$800 million in home loans and delivered unbiased advice for SG$4 billion in mortgages since its launch. Committed to always doing right by the customer, Mortgage Master has advised more than 8,000 homeowners and saved them SG$100 million per year in home loan interest repayments.
For more information, please visit: mortgagemaster.com.sg.

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