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Online mortgage marketplace HashChing has revealed plans to raise $6 million to grow its business and implement new technology that will streamline the mortgage process to settlement.
The capital raise through deal platform Neu.Capital comes after the fintech, which provides leads to mortgage brokers, received $5 billion in home loan applications over the last 12 months.
“Now is the time to double down on our competitive advantage,” HashChing CEO Mandeep Sodhi said.
“This additional capital will turbocharge our growth, drive more mainstream brand awareness and provide a platform for more innovation and disruption,” he said.
In a market dominated by the major banks, Mr Sodhi explained how the platform is increasingly helping brokers secure deals with alternative lenders.
“The smaller banks and non-lenders are becoming more aggressive with their home loan deals, and HashChing makes it easy for customers to access all of these offers from a central location,” he said.
“We’ve also witnessed an exodus of borrowers away from the big four banks. Where 55 per cent of all refinance applications last year were away from the big four banks, this number now sits at 72 per cent.”
HashChing launched in 2015 with the assistance of a $100,000 Building Partnership grant from Jobs for NSW, the private sector-led, NSW government-backed organisation that provides business support to accelerate jobs creation.
Late last year the group recruited former MFAA chief Siobhan Hayden as its chief operating officer. Ms Hayden said the company has continued to innovate and scale at a rapid pace.
“HashChing is a game-changing business that sits at the intersection of customers, brokers and lenders. It is great to be part of a team that is committed to a customer-centric business model, as well as driving true innovation within the industry," Ms Hayden said.
“As a business, HashChing isn’t content with the status quo. Disruption is in our DNA, and in the relatively short time we’ve been around, HashChing has really delivered on its promise of being an authentic brand that drives some much-needed change in the home loans market.”
Ms Hayden said the group’s recent partnership with CGU Insurance demonstrates the kind of forethought and “out-of-the-box thinking” needed for a business to thrive in a highly competitive market.
“This is the first of many collaborations and partnerships that we’ll be doing with other like-minded verticals in the future,” she said.
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