CommSec founder Paul Rickard has joined the advisory board of online mortgage marketplace HashChing and formed part of the group's $6 million capital raise.
Mr Rickard is the founding managing director of CommSec and was previously a senior executive and CIO of Commonwealth Bank. He is now a non-executive director at Property Exchange Australia (PEXA), Tyro Payments and Switzer Asset Management Limited.
HashChing has also welcomed to its advisory board the chief operating officer of media and financial services group Switzer. Marty Switzer brings to his new role his extensive experience as a finance commentator across broadcast, print and online.
Both have also invested an undisclosed amount in HashChing as part of the company’s current $6 million capital raise.
“The HashChing business model of connecting home loan borrowers with customer-reviewed brokers and the best rates is unique, and I am excited by the investment opportunity,” Mr Rickard said.
“I'm excited to be involved with HashChing. Mandeep and the team have done an outstanding job in building a disruptive business model and distribution network in such a short period of time. The future looks bright and I am looking forward to the journey,” Mr Switzer said.
HashChing CEO Mandeep Sodhi said the new additions to the board would be instrumental in helping the company disrupt the stranglehold of the big four banks and evolve its business model to encompass other financial services successfully.
“Paul Rickard and Marty Switzer are exceptionally talented and experienced, and adding their mentorship and guidance to our already esteemed advisory board will make all the difference in helping us scale the business to achieve our aggressive growth plans,” Mr Sodhi said.
Since launching in August 2015, HashChing has received more than $7 billion worth of home loan applications.
The company has also incorporated cutting-edge technologies, including predictive analytics, geo-targeting, machine learning and virtual verification of identity (VOI) into its platform.