HashChing, an online home loan marketplace, has surpassed $1 billion of home loans as momentum builds for the Sydney fintech company.
The platform officially launched in August 2015 with just a few brokers on board across Australia. Now, more than a billion dollars’ worth of loans have been received and more than 1,200 mortgage brokers across the country have signed up. The platform works as an online marketplace connecting consumers to mortgage brokers.
Founders Mandeep Sodhi and Atul Narang said HashChing has seen such rapid growth because it benefits both consumers and brokers.
“Customers aren’t just looking to save time. The key to our success is that our offer extends far beyond convenience. We’re able to offer pre-negotiated home loan deals from different lenders with equal features, the same products, but with an even better rate,” Sodhi, co-founder and CEO said.
“We’re growing at a rapid pace. One of the reasons we’ve been able to scale the way we have is because we don’t charge per lead, which is a great incentive for them to join.”
Narang, co-founder and CIO added: “Our broker registration process has been automated to make it really easy and quick by allowing them to digitally sign the contract which instantly activates their account and saves the paper clutter at both ends.”
In May, HashChing partnered with Docusign and its electronic signature product to make this happen – streamlining the sign up and approval times of mortgage brokers and their home loan applications.
As the platform continues to build momentum, Sodhi and Narang have welcomed Claire Wivell Plater of The Fold Legal to their advisory board. Wivell Plater is a long standing member of the Business Advisory Committee to ASIC's Licensing Division and was recently appointed to the Treasurer's Fintech Advisory Group.
“Claire will be advising HashChing on regulatory and legal matters for our HashChing 2.0 version that will further revolutionise the way borrowers get access to negotiated home loan deals from the comfort of their home.”
Narang explains HashChing 2.0 will involve more intelligent use of analytics for a better consumer experience.
“We have utilised AI capabilities into our platform and our proprietary algorithm learns from the broker behaviour while matching a consumer lead with a broker. I am in the process of bringing predictive analytics into our platform to target visitors with a specific home loan rate based on their geographical location and other attributes for a better consumer experience,” he said.