Executive director Chris Loker says more than R10-million in Freedom Finance loans were approved in a proof-of-concept trial during which the company was inundated with prospective borrowers in excess of R100m.
“The hypothesis is proven and we’re now investing in technology to service clients nationally while raising more lending capital. Our solution, while commercial, also addresses social, borrower and macro-economic needs. It’s a win-win for everyone,” says non-executive director Mike Freedman. Recently, a similar Canadian start-up, Fraction, raised C$289-million in a combination of equity and debt financing to take on the North American reverse mortgage industry with a fairer, more transparent solution for struggling homeowners.
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