26 Aug Member Spotlight: Jungo
Wouldn’t it be great if you can benefit from the return professional investors make on mortgages? Dutch startup and Holland FinTech member Jungo is building the first peer-to-peer mortgage platform. Co-founder Vincent van den Noort explains it as bringing the concept of crowdfunding to the mortgage market. “We want to connect people and create a win-win situation. A future house owner gets a good mortgage and an investor gets a nice return”.
While traditional crowdfunding campaigns have a risk of not reaching their goal, Jungo guarantees that if a campaign is started people will always get their mortgage. The more successful your campaign is, the cheaper your mortgage will be. Worst case scenario: you get a good mortgage, best case scenario: you get the best mortgage, powered by the crowd. This takes away the doubt people might have about not being able to tap into a crowd big enough to run a successful campaign.
In investments higher returns follow bigger risks, but Jungo believes they have hit the sweet spot. They have taken several measures to limit the risk, such as a strict acceptance policy. Unique in the market is a payment guarantee for investors in case of defaults. “This gives us a powerful incentive to only provide high quality loans”
Currently Jungo is working with a team of five out of Amsterdam to make the first of its kind platform operational. They recently obtained their license from the Dutch Authority on Financial Markets; an important step in the path to release. An official launch date has not been set. “We’ll launch when it’s ready”, says Vincent. Curious when that is? Check out their website and stay tuned!