Mortgage broker platform HashChing has acquired a document automation and collection company to help deliver efficiencies for brokers.
HashChing has announced that it has completed its acquisition of data collection company Mystro.
Under the deal (the sum of which has not been disclosed), the Mystro brand and team will be retained, with Mystro continuing to run as a separate business.
More than 1,500 brokers across Australia are already utilising Mystro (for example, through HashChing or other broker groups, such as Mortgage Choice, Smartline or Finsure) to streamline their document management, client data collection and loan applications, according to HashChing.
It revealed that the fintech company processed $28 billion in loan applications in 2021, adding that the acquisition would help deliver further efficiencies for brokers.
Chief executive Arun Maharaj said that the global pandemic had brought about a broader shift to online/digital channels, which presented a “considerable challenge” to mortgage brokers who need to compete with both direct bank and non-bank lenders as well as other brokers, all whilst having significantly fewer resources to spend on marketing and sales technology.
Mr Maharaj commented: “It’s our mission to help brokers deliver great customer experiences, and we know from our conversations that they’re busier than ever before. The way they interact with customers has drastically changed over the past 12 months, and digital productivity is a big part of broker success. That’s one of the key reasons why HashChing has acquired Mystro – its laser focus on eliminating repetitive tasks and streamlining digital processes is a perfect fit with HashChing’s mission to give brokers a one-stop-shop tool for productivity and profit.
“With the industry changing at a rapid pace, HashChing has been quick to implement strategies and provide the necessary resources for mortgage professionals to resume business as usual.
“At our core, we offer choice; choice to our borrowers to access better deals, and choice to our brokers to engage with clients through technology and to diversify their income in the most productive way for them. I’m very much looking forward to working with the team at Mystro to make this a successful operation for all involved.”
Dmitry Chourpo, the founder of Mystro, added: “We developed Mystro to eliminate manual, repetitive tasks and help our customers focus more of their time and energy on what really matters.
“Through this acquisition, Mystro will retain the industry-leading team and brand but will now also be able to utilise the resources of the HashChing team, who share our vision in supporting brokers and look forward to creating a seamless, innovative broker platform together.”
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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