HashChing outlines new funding plans
The COO of digital mortgage marketplace HashChing has revealed the company is repeating last year’s fundraising exercise after failing to achieve its $5m target.
Last May, HashChing attempted to use equity crowdfunding space Equitise to raise $5m in a month and a half. Interested investors could back the fintech for as little as $250.
However, according to COO and board advisor Siobhan Hayden, the funding round was not successful.
“We believe it was a demographic issue,” she said, explaining that the younger crowds that inhabit online crowdfunding spaces are drawn to more glamorous investing opportunities than those in the mortgage industry.
The funds were intended to be used for new technology to help scale the business and enhance the size and knowledge of the team. HashChing did receive a $700,000 loan from Jobs for NSW at the end of May, reportedly to help fund 46 new hires over five years.
CEO Mandeep Sodhi dubbed the fundraising “an opportunity for the HashChing community to officially partner with us.”
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