HashChing granted $700,000 government loan to create new jobs

“The Jobs for NSW Strategic Growth Loan will allow the company to hire software developers, product developers, a data scientist and sales and marketing staff to support HashChing’s continued growth,” Deputy Premier and Minister for Small Business John Barilaro said.

HashChing founder and CEO Mandeep Sodhi said that the loan will allow the company to invest in the resources required to continue “expanding rapidly”.

The fintech claims to have grown at a rate of 700 per cent year-on-year, settling over 1,950 loans (collectively valued at more than $900 million) since its launch in 2015.

“This additional capital also means we can hire people locally, as opposed to looking offshore, which helps our national economy,” Mr Sodhi said.

HashChing, which has more than 580 brokers on its platform, plans to raise more capital in the next six to 12 months to support its efforts to reach 1,000-paying brokers and $20 billion in home loan applications by the close of 2019.

“The ultimate goal is to create a marketplace where consumers can get all their financial needs in one place — not just home loans,” Mr Sodhi said.

The CEO noted that dealing with Jobs for NSW was “much easier” than dealing with a venture capitalist.

“I think they are playing a great role in supporting start-ups,” Mr Sodhi said.

Earlier this month, HashChing announced the launch of an equity crowdfunding campaign, with the target of raising $5 million to fund its growth ambitions.

HashChing invited interested parties — including brokers, investors and borrowers — to invest a minimum of $250 in the mortgage platform via equity crowdfunding platform Equitise.

[Related: HashChing eyes white label mortgages]