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HashChing receives more than $9bn of loan applications

by Reporter4 minute read
HashChing

Online mortgage marketplace HashChing has celebrated its second birthday and revealed that it has received more than $9 billion worth of home loan applications since its inception.

The fintech, which was officially launched by friends Atul Narang and Mandeep Sodhi in 2015, is an online platform that has pre-negotiated home loan deals that a consumer can access via a mortgage broker.

Since starting 24 months ago, the platform has reportedly received more than $9 billion in home loan applications and helped 18,000 borrowers with their mortgages.

According to the founders, HashChing aims to process more than $50 billion of home loans by the end of 2020.

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The company aims to enable this process by adopting leading-edge technology and “the best and brightest” brokers. It has already pioneered a virtual verification of identity (VOI) platform, geo-targeting for automated “matchmaking” of users, and added machine learning to its broker rating system to “dynamically rank” its network of 600-plus brokers on “key metrics”.

Speaking of its second birthday, HashChing CEO and co-founder Mandeep Sodhi, said: “Who would have thought that the chance conversation I had with Atul one day about home loan interest rates would have eventuated into the thriving business we have today.

I’m incredibly proud of everything HashChing has achieved up until now, and we couldn’t have done it without the staunch dedication and hard work of the team and advisers. Thanks to everyone who believed we could pull this thing off. I’m humbled by our success.”

Chief information officer and co-founder Atul Narang added: “These two years have come and gone remarkably quickly. We’re proud to have built such a robust business with enormous growth potential, but what we’ve accomplished so far is really just the tip of the iceberg. There’s plenty more in the pipeline.”

The company is reportedly looking to expand internationally in the near future and launch other financial verticals.

Chief operating officer Siobhan Hayden said that she was “looking forward to working with team and helping it realise its further expansion and growth as [it] conquer[s] other verticals and markets”.

[Related: CommSec founder buys into HashChing, joins board]

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