HashChing revamps offering, completes capital raise

The mortgage marketplace has announced a shift in the group’s strategic direction, including breaking into SME finance and launching a new offering for brokers, following the completion of a capital raise.

HashChing has successfully completed a capital raise, led by Heworth Fund Management and Sapien Ventures. The amount of the raise has not been disclosed by HashChing.

According to HashChing CEO Arun Maharaj, funds from the raise, which was launched in December, would be used to “bring about a change in strategic direction”.

This includes the modification of its offering to mortgage brokers and breaking into SME loans while retaining its free-to-use model for consumers.

Mr Maharaj said the group’s decision would help HashChing secure a more competitive position in the marketplace, with the CEO lamenting the lack of competition in the sector.

“Mortgage brokers are a vital part of a healthy lending environment, encouraging competition and an experienced advocate on behalf of the borrower, [but] the industry is set up in a way that is very favourable to larger institutions,” he said.

“We’re changing the way HashChing works and its business model in recognition of these fundamental industry forces.”

The HashChing CEO said the fintech’s revamped business model would be more lucrative to brokers, with new features included in its $99-per-month subscription service.

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Source: HashChing revamps offering, completes capital raise – The Adviser