A Sydney-based fintech startup funded by wealthy Chinese migrants is looking to disrupt the Australian mortgage broking industry, after securing a $1 million institutional round by newly established Sapien Ventures.
HashChing is Australia’s first online marketplace for home-loan borrowers, giving them access to deals from verified mortgage brokers from different mortgage groups.
It aims to connect consumers to local mortgage brokers based on their deal preferences. A profile is then sent for each mortgage broker that gets their bill with ratings and reviews.
The $1 million funding from Sapien is the new fund’s first investment after it was established last year by tech entrepreneur Victor Jiang. It currently has $50 million in its purse, ready to invest in fintech and online marketplaces, with most of it coming from wealthy Chinese migrants.
As of yesterday, HashChing says it has received over 1000 applications for home loans worth around $520 million, with 81 brokers paying to use the service. Of those, 37 have been settled, while 189, worth $93.1 million are in progress of being settled with lenders.
“Home loan is the biggest financial decision anyone makes and you need an expert unbiased advice from experts only,” HashChing founder Atul Narang said.
“It’s hard to believe that even getting a general answer related to home loan, it takes days to book an appointment or hours of search on google.
“Educating consumers to make an informed financial decision is our key value proposition and we are now looking at predictive analytics to give instant answers to general questions.”
It’s hoping to disrupt the mortgage industry like Uber has done with the taxi industry, offering loans with interest rates below 4% and driving transparency between brokers. It makes all the best rates from the brokers available to see, while also encouraging them to lift their game through a star-rating system.