Former HashChing CEO unveils new venture

by Madison Utley30 Jun 2020

Former HashChing CEO Mandeep Sodhi yesterday announced the launch of his new fintech firm Effi, a platform intended to be the solution for “an industry long-suffering from declining revenue, inefficient processes and poor digital experiences”.

Powered by artificial intelligence (AI), Effi helps brokers leverage data to provide tailored solutions and enhanced offers customers would not be able to get elsewhere; according to Sodhi, the software's capability is far beyond any CRM or lead management tool brokers have traditionally used. The platform is accessible on both a desktop or mobile app and provides a dashboard for borrowers which brokers can customise with their own personal branding. 

“For decades, we have seen the revolutionary power of disruptive technologies across multiple industries – from retail with the rise of Amazon, to real estate with the emergence of proptechs and now a compelling, elegant new solution with the launch of Effi that is going to take the mortgage broking world by storm,” said Sodhi, Effi CEO and founder.

While brokers are already the preferred channel to get a home loan in Australia, the absence of a single, unified platform for managing client opportunities “speaks volumes of why the broken model for mortgage broking” needs to change, as Sodhi sees it.  

“Our goal is ultimately to cut brokers’ administration and processing times in half so they can double their settlements with ease," he explained. 

“We are automating all the time-consuming administrative tasks for brokers – such as unlimited bank statement collection, unlimited document collection for loan applications, customer data collection, and powerful email automation – by having it all integrated into one easy-to-use platform for a fixed monthly cost.

“Effi is about supporting the broker to spend less time looking at screens, and more time connecting with their customers.”

Sodhi believes his new venture can help propel brokers yet further, envisioning the channel servicing 70% of all new residential mortgages by the end of next year.

Having officially launched on 30 June, the Effi platform will be available on an invite-only basis for its first several months of operation.  According to Sodhi, there is an “exciting array of partnerships” in the pipeline to help brokers grow their business revenue and brand, as well as new features which will roll out in the coming months.

The two-time founder and CEO partnered with Sydney-based technology innovation company iTelaSoft to help bring his vision of “the smartest mortgage broker platform ever” into existence.  

“It’s no secret that the broking industry has been in urgent need of change and has neglected genuine technological innovation for decades,” iTelaSoft CEO Indaka Raigama said. 

“Now, with Effi, we’ve created a completely personalised smart platform that takes the friction out of managing borrower relationships and allows you to attend to both existing and new clients with ease.”