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Bongalow
Platform for aspiring homeowners
- Category:
- Real Estate
- Country:
- Nigeria
- Founded:
- 2019
- Cause of Failure:
- Capital intensive / High interest rates
- Outcome:
- Shutdown
- Shut Down in:
- October 2023
- Founders:
- Abdulrahman Atta, Kelechi Nwokocha, Samuel Haruna
- Number of Founders:
- 3
- Number of Employees:
- 1-10
- Funding Amount:
- $453.00 K
- Last Funding Round:
- Seed
- Notable Investors:
- Unknown
About Bongalow
A mortgage marketplace and home financing platform that connected African immigrants (diaspora) and domestic buyers with lenders, offering rent-to-own and mortgage-matching services.
What went wrong?
Bongalow’s model was squeezed between Nigeria's soaring mortgage interest rates (often exceeding 20%) and a lack of long-term debt capital. The high cost of borrowing made the platform's loans unattractive for the local market despite the tech-driven application process.
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