Aussie fintechs recognised as global innovators

by Miklos Bolza27 Oct 2016
Nine Australian fintech firms have been listed amongst the world’s top innovators in the 2016 Fintech100 by H2 Ventures and KPMG.
 
The list includes digital mortgage marketplace HashChing and online small business lender Prospa.
 
With more than 1,200 brokers registered on HashChing, the firm has managed to receive over $2 billion in loan applications since launching the business. Of this, $1 billion was processed within the last three months.
 
“HashChing was included in the top 100 due to its unique business model, innovative use of technology, and first mover advantage in the fintech space,” Atul Narang, co-founder and COO of HashChing, told Australian Broker.
 
“It is the first and most successful online mortgage marketplace in Australia, and this industry recognition gives brokers greater confidence that they are working with a trusted and well-respected platform.”
 
Narang said that HashChing will continue to improve both service levels and productivity tools for its brokers by working to further streamline the loan application process.
 
“The feedback we have received from HashChing users thus far has been incredibly positive, but we know there is further innovation to be done in this space, and we’re excited about what lies ahead,” he said.
 
Beau Bertoli, joint founder and CEO of Prospa, said that being ranked 31 out of 50 in this year’s Fintech100 was certainly an exciting achievement.
 
“We’re the highest ranking Australian-only business and for us as a company, it’s really satisfying to be leading the charge for the Australian fintech community,” he told StartupSmart.
 
“We’re one of the pioneers in the fintech space in Australia and we’re in our fifth year now. It’s allowed us to observe all the different trends that are going around the world [and] different market conditions as well.”
 
Bertoli said it was also encouraging to see Australian businesses get this type of recognition.
 
“[Australia] may have started late but we’re building really good businesses across the broad fintech sector.”
 
He told StartupSmart that he hopes this will attract venture capitalists and bolster investment in Australia’s fintech space.

Related stories:
 
Innovation drives new aggregator partnership
 
Fintech boom "exciting time" for mortgage industry
 
Industry ripe for innovation, says asset finance firm

COMMENTS

  • by HumbleB 27/10/2016 1:58:59 PM

    Did some fact finding on this Hashching thing. As per there website They have total broker 477 brokers on their website. How can they report 1600. Also most of them are not even verified as brokers, that means they might not even be brokers.
    Get your facts right before publishing. These fintechs are not doing any good for the industry.

  • by Darren 28/10/2016 9:58:04 AM

    Hi HumbleB,

    Thanks for the feedback. We got in touch with HashChing to get clarification about those two different numbers and received the following response:

    "There are two different numbers: registered brokers and active brokers. The registered number is close to 1,200 but the active broker number is what you see on the homepage.

    To maintain the balance between the two sides, i.e. leads and brokers, we don’t switch on all the brokers and the broker number gradually goes up month by month along with the number of leads we generate."

    I hope that makes things clearer for you!