Australia-based home loan marketplace HashChing has received a $700,000 loan from Jobs for NSW.
The credit supplied by Jobs for NSW, which is a division of the Government of New South Wales that supports SME growth, will help HashChing to create 46 new jobs over the next five years.
Launched in 2015, the company is an online marketplace for home loans, that enables consumers to compare mortgages and connect directly with brokers. Free calculators are available through the platform, which can help consumers to estimate costs for aspects like borrowing capacity, home loan repayments, and stamp duty, among others.
Brokers can use the platform to communicate with customers, target specific consumers, and gain access to a broker dashboard.
The company has 568 mortgage brokers on its platform and has settled 1,950 loans and $900m through its platform, according to the company. It has seen a YoY growth of around 700 per cent.
Capital from this loan will be used to hire more staff, accelerate the scaling of the business and develop new products.
HashChing founder and CEO Mandeep Sodhi, said “This additional capital also means we can hire people locally, as opposed to looking offshore, which helps our national economy.
“In the next six to 12 months we are looking to raise more capital. We want to have 1,000 paying brokers by the end of December 2019 but also reach $20 billion in home loan applications by the end of the year. The ultimate goal is to create a market place where consumers can get all their financial needs in one place – not just home loans.”
Payments and remittances was the biggest area for funding in Australia’s FinTech space in 2017, bagging 55 per cent of the $607m invested in total, according to data by FinTech Global. The next biggest area was the marketplace lending area, representing 30 per cent of capital injections.
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