Fintech startup HashChing has launched an equity crowdfunding campaign

Mortgage marketplace startup HashChing, a fintech startup disrupting the monopoly of the big banks, has launched an equity crowdfunding campaign.

It’s currently live on the Equitise platform, which has one of the seven crowdfunding licences issued for the first time this year.

HashChing, which is seeking between $1 million and $5 million, has so far raised $286,500, at a minimum $250 investment, with another eight days to go.

“A slight difference in interest rates can cost a homeowner thousands of dollar each year,” says Mandeep Sodhi, founder and CEO.

“This is why one out of two Australians like to deal with a mortgage broker instead of going direct to the bank.”

HashChing, which launched in August 2015, provides a channel for potential borrowers to access home loan deals that have been pre-negotiated by brokers. The current pool now represents 60 banks and non-bank lenders.

This means interest rates offered through the app are often far lower than the big four banks’ standard offerings, which are currently around 4.5%.In 2017, Hasching wrote $540 million worth of home loans.

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Source: Fintech startup HashChing has launched an equity crowdfunding campaign | Business Insider