Fintech
How a fintech solutions provider is bringing change to the volatile UK housing market
Pfida, an ethical fintech, has developed its system to help people buy homes without going into debt and without having to pay interest.
London, England, July 3, 2024 (GLOBE NEWSWIRE) — Trusta fintech company focused on social impact, has developed its own system to help people buy homes without going into debt and without having to pay interest.
Pfida’s home finance offering is a partnership-based system where people can buy a home, interest-free and debt-free. This system is designed to bring stability to the UK housing market and serve the most financially excluded groups who are hoping to explore home ownership options. Their home finance product offers users the chance to act as a partner with Pfida by putting down a minimum 15% deposit on the property, which then becomes the buyer’s equity.
Raza Ullah, Founder & CEO of Pfida
According to Raza Ullah, founder and CEO of Pfida, one of the reasons why house prices in the UK are so high is due to inflation in the economy caused by the constant printing of money. With the savings account offering that Pfida provides, their customers can receive competitive returns on their savings without any interest rate and earn a profit share from Pfida. This allows the company to accumulate the capital needed to offer their home financing offers.
Additionally, Pfida offers several benefits to its customers, such as an equity buffer feature and potential rent discounts. The fintech also offers home buyers the option to pay more for equity purchases, all through the online dashboard and at no additional cost.
The home finance system developed by Pfida is designed to end the cycle of debt, which Raza says is inevitable when dealing with a traditional mortgage. He says the current monetary systems in place across the UK have caused mass inequality between the rich and the poor. This forces people to take on large amounts of debt and get stuck trying to pay it off, which in turn leaves them unable to save money.
“Our business is all about people, so there are no venture capitalists or anything like that, it’s all community-funded. These are people who believe in our mission, and a lot of them have invested their hard-earned savings into the business to help others buy homes without debt or interest,” Raza says.
Pfida logo
According to Raza, one of Pfida’s top priorities is to show the world that there is a more ethical and sustainable way to finance homes that people can buy. To achieve this, Pfida is committed to making customers aware of the alternative options it offers. Additionally, Pfida hopes to influence other financial institutions to adopt similar services, allowing the world to experience the positive aspects of a fair and equitable housing market. Raza understands that this takes a lot of time and effort to have tangible impacts, but the Pfida team is committed to doing so.
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Because Pfida is an organization focused on creating social impact, not looking for people who are looking for the highest returns on their investments, attracting people who align with the social causes Pfida is pursuing will allow the company to raise purpose-driven capital through its savings accounts.
Coming from a financial services background, Raza had a life-changing experience in 2016. During his pilgrimage to Mecca, he realised that he needed to use his skills to do something about the UK property market, which he says is currently suffering from inflation and high interest rates. He quit his current job and set out on a journey to help at least one or two families avoid going into debt when buying a home. The first property he financed through Pfida came from Raza’s life savings, and it’s a decision he doesn’t regret.
“I never could have imagined when we started that we would grow to a team of over 42 people, and we expect to be about 60 by the end of the year, and serving so many clients has been one of the most rewarding experiences of my life,” Raza says. “It’s just trying to help people find a home without that death grip of debt around their necks.”
Media contact
Name: Kaynat Choudhury
Email: Marketing@Pfida.com
