Broker platform hits $2bn milestone
An online portal that connects brokers with borrowers has doubled the value of loans negotiated through the platform in only three months. HashChing reached its first $1 billion loan milestone within a year of operation. Now, three months later, it has doubled that figure to over $2 billion worth of home loan applications sent to almost 300 mortgage brokers registered on the platform. “The fact that we’ve hit this next billion-dollar milestone so quickly is testament to the huge demand for our technology,” HashChing chief executive said Mandeep Sodhi said. “Nearly four thousand customers to date have used HashChing to negotiate home loans with interest rates that are well below […]
Fintech platform launches new digital loan push
To digital mortgage service uno, the ideal customer is one who doesn’t want to discuss home loans face-to-face or over the phone. “Traditional brokers are for people who want to go see someone face-to-face or have someone come to their house,” uno founder and chief executive officer Vincent Turner told Australian Broker. “For people who don’t want that, they’re going to find a digital mortgage service like uno as more suitable for their needs.” The firm’s recent marketing push – including an ad in which prospective buyers inspect a house in which some rooms are closed off – highlights the public’s feeling of not receiving all the necessary information on […]
Prospa and The Entourage combine to inspire small business owners
Prospa, Australia’s largest online lender to small business, has launched an innovative partnership with educator The Entourage that enables business owners and budding entrepreneurs to fund education through their business cashflow. The partnership will enable business owners to access The Entourage’s Launch, Build and Scale education programs and advice from leading entrepreneurs using an interest free loan from Prospa, instead of a large upfront payment, credit card or expensive personal loan. Beau Bertoli Joint CEO of Prospa said “It’s amazing that two of Australia’s entrepreneurial success stories are partnering to offer Australian small business owners and fledgling entrepreneurs access to finance and education. “Prospa and The Entourage have the same […]
Move over term deposits, peer-to-peer lending is on the rise for Aussie investors
Individual Aussie investors have lent an average of $13,508 in the last nine months as they chase better returns in a low-yield environment, according to leading peer-to-peer lender RateSetter. This figure is a 25.4% increase from the $10,770 lent in the previous nine months. With the RBA keeping interest rates at rock bottom levels, and savings returns suffering as a result, Daniel Foggo, RateSetter CEO, said that investors were turning to peer-to-peer platforms as they shifted away from “volatile equities and low-return savings accounts and term deposits.” “We hear from investors that they are attracted by the compelling returns and lower relative risk, in particular the protection of their money […]
Valiant announces partnership with Octomedia to launch Inside Small Business LoanConnect
Leading fintech business loan marketplace, Valiant and Inside Small Business publisher Octomedia, announced the official launch of an exclusive partnership to bring business loan solutions to Australia’s small business community. The partnership is a major Australian publishing first which delivers an exclusive business loan search and application portal as a co-branded offer: Inside Small Business LoanConnect. By dynamically accessing Valiant’s panel of 35+ leading lenders, Inside Small Business LoanConnect compares small business owner’s loan requests to the lender’s credit criteria. Matching works instantaneously through Valiant’s proprietary marketplace technology – saving business owner’s time and stress. Valiant Co-founders, Alex Molloy and Richard Cotton expressed excitement for the new […]
AFG ties up with US fintech to roll out SME lending platform
Small-business lending, not wealth management, will be the mortgage broking industry’s next growth engine, according to Australian Finance Group, which is busy trying to sign up lenders to its new technology platform powered by US fintech company Biz2Credit. In August, AFG quietly formed an alliance with Biz2Credit to use the company’s patented analytics and financial services technology to give its army of 2650 brokers the ability to better offer small business loans alongside traditional mortgages. AFG plans to roll out the platform early next year with a “panel” of 15 lenders that customers can choose from, including the major banks and new fintech lenders. This contrasts with the strategy of […]
SocietyOne shuffles senior ranks as volumes accelerate
Peer-to-peer lender SocietyOne is looking for a new chief marketing officer following the departure of star recruit Mitch Harad while co-founder Matt Symons has been shifted to non-executive director, as the high-profile fintech upgrades its lending forecasts and attracts more institutional capital on to its internet platform. Mr Harad was hired with fanfare mid-last year after guiding Lending Club, also a P2P lender, to a public listing in the US. It is understood his departure is amicable and he will stay in Australia to establish his own start-up. Mr Harad was lured to SocietyOne by co-founder Matt Symons, who will relinquish his executive duties and move to the boardroom as a non-executive director. His management role will be taken up by former […]
Former MFAA CEO joins HashChing
A finance and logistics executive and former MFAA chief executive officer has joined the advisory board of mortgage marketplace and home loan deal gateway HashChing. Siobhan Hayden, who resigned as chief executive of the MFAA in June this year, has joined the advisory board of online home loans trader HashChing. It’s the third top executive the emerging fintech has secured in recent weeks. Financial services regulatory lawyer Claire Wivell Plater and financial service senior executive Helen Lorigan also joined the fintech’s advisory board recently. Ms Hayden commented that HashChing has the potential to significantly change the home loan market in Australia. “HashChing sits at the intersection of customers, brokers and lenders — […]
