Jobs for NSW backed online mortgage marketplace HashChing is set to embark on a $6 million capital raising to “turbo-charge” growth and implement new technology after receiving almost $5 billion in home loan applications.
HashChing is Australia’s first online marketplace where borrowers can access pre-negotiated home loan deals via verified mortgage brokers from more than 60 banks and lenders without having to shop around.
The fintech startup has been shaking up the home loan industry since it launched in August 2015 after developing its platform with the assistance of a $100,000 Building Partnership grant from Jobs for NSW.
Jobs for NSW is a private-sector led, NSW Government backed organisation that provides business support to accelerate jobs creation.
HashChing chief executive Mandeep Sodhi said the company was set to leverage its competitive advantages with a $6 million capital raising through deal platform Neu.Capital.
“This additional capital will turbocharge our growth, drive more mainstream brand awareness and provide a platform for more innovation and disruption,” he said.
“We are not only generating quality home loan leads for our partner brokers but we are also providing them with leading edge tools to help them have a meaningful conversation with borrowers.”
HashChing is free for consumers, while brokers receive leads free but have to pay a fee when the loans are settled.
HashChing chief information officer and co-founder Atul Narang said the company’s platform had evolved tremendously since it first launched to market.
“We’ve invested a lot of resources into making the online platform as intuitive as possible,” he said.
“Next-gen technologies like geo-targeting, artificial intelligence and predictive analytics underpin the user-friendly front-end, and we recently implemented Australia’s first biometric identity verification service, which enables brokers to satisfy the strict ‘know your client’ banking regulations via video call with their customers.”
Find out more about the Building Partnership Grants.