As former chairman of think tank Per Capita, Josh Funder led research into ways to transform ageing from being a challenge or ‘grey tsunami’ into being an unprecedented period of life and something to celebrate. This formed part of the inspiration for Household Capital.
Josh and the early Household Capital team members worked to reframe ageing as an opportunity and to specifically look at financial adequacy, housing, health and wellbeing, community and connectedness. They recognised a huge demand from retirees who needed more funding, and a huge pre-existing savings pool that they’d already saved in their home equity.
I like to make markets, and I like to feel like we are overcoming market failure, where demand is a legitimate need and supply is a good thing…and I saw failing to meet the needs of an ageing demographic as a significant market failure – Josh Funder, Founder & CEO
Our mission to Live Well At HomeTM was designed to describe the state of confidence we deliver to our customers. Your life and your wellbeing are encapsulated in ‘Live Well’; ‘At Home’ describes where you live, but also the source of your wellbeing from both an emotional and financial perspective.
Our focus has always been on long-term purpose-driven lending. As a values-based organisation, championing people in a purpose-specific way is really important. We want to meet the needs of Australia’s retirees through finance and delivered this as confidence.
The feedback we received from customers – through Trustpilot, via email or handwritten letters – tells us we’re on the right path. When our customers tell us why this was important to them they don’t talk about money; they talk about emotions, wellbeing and confidence.
Since 2016, Household Capital has had two equity raisings and successfully established a debt facility.
As part of our series B fundraising, Legal & General, a leading provider of insurance, annuities and lifetime mortgages in the UK, took an equity stake in the business. This strategic investment provides Household Capital with an investor that has deep experience in the home equity market. In their respective markets, each business is an innovator in home equity retirement funding with a clear values-based focus on customer outcomes.
Josh Funder sets out to meet the needs of an ageing population
Series A funding
Raises equity to build a team of industry experts, develop innovative financial solutions & make home equity a core part of retirement funding
ME Bank partners with Household Capital to establish the $100m HHC 2018 Trust to provide improved access to credit and retirement funding to older Australians
Household Capital launches new retirement funding solutions to complement super and the Age Pension
Series B funding
L&G, the world’s leading provider of home equity retirement funding, leads the Series B equity investment to fund expansion of Household Capital’s retirement funding program