Wealthy Chinese are now backing the fintech services that are helping Australians to buy homes.
Sydney-based start-up company HashChing is set to disrupt the Australian mortgage industry, securing $1 million institutional round by newly established Sapien Ventures.
According to Business Insider, HashChing is funded by Chinese migrants aiming to connect consumers to local mortgage brokers, based on their deal preferences. A profit is then set for each broker that establishes their bill via ratings and reviews.
As of April HashChing has received more than one thousand applications for home loans worth around $520 million, with 81 brokers currently paying to use the services to increase their reach.
HashChing founder Atul Narang is confident he has uncovered a niche market.
“It’s hard to believe that even getting a general answer related to home loan, it takes days to book an appointment or hours of search on Google,” he said.
“A Home loan is the biggest financial decision anyone makes and you need an expert unbiased advice from experts only. Educating consumers to make an informed financial decision is our key value proposition.”
Now set to be the Uber of the mortgage industry, HashChing already has more than $50 million ready to invest in fintech and online marketplaces.