Household Capital has announced the completion of a Series B financing which has seen Legal & General acquire 20% of the company.
The Series B fundraising would enable Household Capital to meet its growth objective, grow its team, invest in technology and expand its offering of home equity retirement funding solutions.
This latest round of fundraising brought the total amount raised by Household Capital since 2017 to $25 million.
Household Capital said it would benefit from L&G’s understanding of the retirement markets and equity release, having £1.2 trillion in assets under management.
Joshua Funder, chief executive of Household Capital, said: “Legal & General’s strategic investment shows when it comes to tackling the challenge of our burgeoning retirement-age population, global investors see Australia as a significant market opportunity.
“We’re excited to have an investor on board with experience in this market segment and who recognises that Household Capital is an innovator in home equity retirement funding with a clear values-based focus on customer outcomes.”
Chris Knight, chief executive of L&G retail retirement, said: “The Australian equity release market is extremely promising, with Household Capital at the forefront of developing innovative funding options for retirees. We’re looking forward to working together to help grow the scale of the business so that consumers have better options at this critical life stage.
“The Australian equity release market is extremely promising, with Household Capital at the forefront of developing innovative funding options for retirees. We’re looking forward to working together to help grow the scale of the business so that consumers have better options at this critical life stage.’’
