HashChing puts its hand out to go it alone
Online mortgage marketplace HashChing is looking to raise up to $5 million by the end of June through the power of crowd-funding, in a bid to ensure that it is immunised from the influence of any big bank, says CEO Mandeep Sodhi.
Instead, HashChing has partnered with equity crowd-funding platform Equitise to issue its first round of shares to interested investors. According to Mr Sodhi, the crowd-funding route will help HashChing remain an independent voice in the mortgage market.
“Unlike many other online mortgage platforms who are backed by a lender, we are and will continue to stand separate from the banks,” he said.
“We want our customers to become shareholders in HashChing and help us deliver the simple and effective end-to-end home-loan journey that Australia is currently lacking.”
Mr Sodhi added that the crowd-funding route also allowed HashChing’s existing customers and mortgage brokers to take a stake in a business that has delivered for them and also guide its future.
“We have some really exciting products in the pipeline and, through crowd-funding, we will be engaging our new shareholders in design thinking and incorporating their feedback before pushing out the new products to market,” he said.
“We’ve built this business on the ability to put more money back into the pockets of homeowners, and not the banks, and this crowd-funding opportunity extends that vision.”
Crowd-funding legislation that passed the Senate in March enables publicly unlisted companies with less than $25m in assets and annual revenue to issues shares via platforms like Equitise, with the ability to raise up to $5m in any 12-month period.
HashChing will use the fresh capital to increase brand awareness, introduce new technology and expand the team.
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Source: HashChing puts its hand out to go it alone – The Australian