Home > Media > News > Household Capital closes $37.6 million raising and enters strategic partnership
Household Capital closes $37.6 million raising and enters strategic partnership
Content Manager October 17, 2022
We are very pleased to announce the completion of a series C capital raise, with Genworth Financial Mortgage Insurance (Genworth) becoming a strategic partner in our business, alongside UK-based Legal & General (L&G).
Our CEO Dr Joshua Funder welcomed Genworth as a strategic investor, saying the fundraising allows Household Capital to continue to meet growing demand from Australian retirees seeking to access responsible, long-term funding to meet their retirement needs.
“Genworth understands Australia’s home ownership market and has deep expertise in mortgage and risk evaluation,” said Dr Funder.
“Home equity retirement funding plays a critical role in meeting the needs of an ageing population, particularly as many Australian retirees have insufficient funds in their pension accounts because compulsory superannuation payments by employers only started in 1992.”
Genworth’s Chief Executive Officer, Pauline Blight-Johnston, said: “Genworth is delighted to have entered a strategic partnership with Household Capital. This investment demonstrates a significant step toward achieving our purpose of accelerating financial wellbeing through home ownership.
“Genworth is committed to helping Australians through a range of solutions along all stages of their property journey. Our strategic partnership with Household Capital, together with L&G’s deep expertise in equity release, will enable us to deliver on this commitment to Australia’s retirees.”
Lisa Griffin, Chief Commercial Officer - New Ventures at Genworth, will join our board of directors.
Lorna Shah, Managing Director, Retail Retirement, Legal & General, said: “We welcome Genworth in joining Household Capital as a strategic partner. The Australian equity release market is extremely promising, and Household Capital is at the forefront, expanding the retirement funding and housing options available to Australian retirees.”
Dr Funder said that with the conclusion of the Series C capital raise, Household Capital is now focused on growing its share of the home equity retirement funding market and improving access to long term retirement funding options to people throughout Australia.
“Together with our strategic partners Genworth and L&G, we look forward to providing financial assistance to retirees and delivering on our mission to help Australians ‘Live Well At Home’,” said Dr Funder.
“Home equity is the missing link in the nation’s retirement funding system. Our focus on providing flexibility and choice, and a high level of customer service underpins our success.”