CommSec founder Paul Rickard and finance media figure Marty Switzer are joining the board of Australian online mortgage marketplace startup HashChing after joining in the company’s $6 million capital raising round.
“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,” said Rickard.
Rickard founded the CommSec online retail stockbroking service in 1994, and served as its managing director until 2002. He also served as Commonwealth Bank’s executive general manager for payments and business tech until 2009.
HashChing, which has been recently incrementally extending out from purely mortgages to services like home insurance and conveyancing, is hoping the new brains trust would help it further “evolve” to add more financial services.
The sizes of their investments were not disclosed.
“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,” said HashChing chief executive Mandeep Sodhi.
HashChing, which started less than two years ago, provides a platform for potential borrowers to access home loan deals pre-negotiated by brokers. The fintech has so far processed more than $7 billion worth of loan applications from more than 14,000 applicants, and has 500 brokers verified on its books.
The company claimed fintech industry firsts with the use of technologies like predictive analytics, geo-targeting, machine learning and virtual verification of identity (VOI) into its main platform.
Switzer, who has written and spoken on finance in both print and radio, is currently the chief operating officer at the Switzer Financial Group.