A fintech mortgage platform has broken through a significant milestone following 12 months of rapid growth.
Online home loans trader HashChing announced it has passed the $1 billion mark, as momentum builds for the Sydney-based fintech in the disruption economy.
After its modest launch in August 2015 with the support of ‘just a handful’ of brokers spread thinly across Australia, the platform has now put more than 1,200 loan writers into its system.
HashChing CEO, Mandeep Sodhi, said the platform has been able to achieve this level of scale because of its acquisition-friendly business model — where brokers are not charged fees, nor do they pay for leads.
“Brokers only pay for loan settlements, which is a great incentive for them to join,” Mr Sodhi said.
HashChing also provides a host of Y-economy productivity tools for its broker partners, ranging from an AI enabled matching process to auto-reminders and secure document collection platforms.
“Our proprietary algorithm learns from the broker behaviour how best to match them with a consumer lead,” said CIO Atul Narang.
“We are also 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 more accurate result,” Mr Narang added.
And, he said while consumers are increasingly turning to technology for research and assistance, it’s not simply the convenience they are after.
So for home buyers the HashChing offer extends far beyond saving time: “We’re able to offer pre-negotiated home loan deals from different lenders with equal features, but with an even better rate.”
Also, HashChing announced the appointment of Claire Wivell Plater of The Fold Legal to its advisory board, adding 14 years’ experience in law, business and finance.
She said she is passionate about seeing the law applied in the way it was intended — “to protect and enhance consumer experience.”
[Related: Fintechs ‘no threat’ to brokers – yet]