HashChing, a Sydney-based home loan marketplace, has just announced a $700,000 loan from Jobs NSW. Deputy Premier and Minister for Small Business John Barilaro said the NSW Government had backed the Fintech which is expected to create 46 jobs over the next five years.
“Jobs for NSW is helping some of our brightest business people overcome barriers to finance – it’s about making smart investments that allow good business ideas and businesses to grow,” said Barilaro. “The Jobs for NSW Strategic Growth Loan will allow the company to hire software developers, product developers, a data scientist and sales and marketing staff to support HashChing’s continued growth.”
HashChing is an online platform that enables borrowers the chance to bypass the big banks and get a better home loan from over 550 community rated mortgage brokers across Australia. Launched in August 2015, HashChing reports it now has matched over $900 million in loans through their platform. Hasching says it is growing at over 700% a year.
“We are expanding rapidly,” said Sodhi. “This loan will help us hire more staff and secure the resources needed to keep up and scale the business quickly, as well as develop new products. We felt the team at Jobs for NSW was exceptionally helpful. The process was great and they had a firm understanding of our business model. Dealing with Jobs for NSW was much easier than dealing with a VC and I think they are playing a great role in supporting startups. This additional capital also means we can hire people locally, as opposed to looking offshore, which helps our national economy.”
Sodhi said that in coming months they will raise more capital. They have a mission to have 1,000 paying brokers by the end of 2019 while reaching $20 billion in loan applications by the end of they year.
“The ultimate goal is to create a market place where consumers can get all their financial needs in one place – not just home loans,” added Sodhi.