Written by David Silverberg
Founded in February 2018, Markham-based Moregidge is laser-focused on bridging mortgage brokers with clients via their smart-tech tools.
Co-founder and CEO Muhammad Rashid says using the Moregidge platform makes it easier for “a consumer to connect with a broker, apply for a mortgage, and satisfy all the necessary conditions to close on a property.”
He goes on to say, “Consumers should use mortgage brokers as they offer a broader spectrum of mortgage products. Their access to products not available through traditional lenders increases the chances and likelihood of purchasing a home for someone who is currently renting.”
For brokers, Moregidge features a digital dashboard that collates client applications and digital document submissions. It partly automates the process and ensures stronger collaboration between consumers and the mortgage brokers.
Rashid says his firm is trying to bring innovation to a sector that has been slow to catch up to new technologies. “Brokers have been doing the same thing for years, and we're trying to help them streamline processes that can then have them shift their focus to more revenue opportunities.”
So far, Moregidge has attracted 130 brokers across Canada to use their platform, charging a monthly subscription fee of $99. Also on the executive team is CTO Adam Hijleh and Head of Product Abbas Ali.
Rashid ventured into this field due to an unfortunate experience, he recalls. Without getting into the grimy details, he says his parents “faced an unfortunate incident with a mortgage so I started getting into mortgages for my family, and what began as a side hustle soon became a full-time job.”
Rashid and his team wear many hats at Moregidge but he's often responsible for marketing and business development. “I'm networking and learning from brokerages about their main pain points, which we hope to solve,” he says.
While at York University's entrepreneurship hub YSpace, Rashid says one of the first pieces of advice he found integral to his startup was related to finance. “We were evaluating incubators and accelerators we wanted to join and during our initial meeting with David Kwok [Entrepreneurship Manager at YSpace], his advice was to grind and hustle for a few months to sign up users in an effort to raise our valuation so we weren't giving away a large chunk of the company to early. Fast forward to three months after joining YSpace, and we raised a portion of our round at almost double our initial valuation.”
Moregidge was so enamoured with YSpace's look and feel they decided to make it their headquarters.
What Rashid finds most fulfilling about launching Moregidge is when a broker uses the platform and exclaims, “Wow! I've been looking for this for the longest time!”
In five years from now, Rashid envisions Moregidge being a key part of the home-buying experience. In fact, he hints at some future plans: “We noticed we got a lot of interest from realtors and in under a year we'll be launching a realtor portal to allow applicants, mortgage brokers and realtors to collaborate all in one platform.”
Photo credit Zlatko Cetinic, Images Made Real