HashChing, a prominent player in the mortgage marketplace, has recently unveiled its new strategic direction following a successful capital raise. The company has secured funding from Heworth Fund Management and Sapien Ventures, although the exact amount has not been disclosed.
Arun Maharaj, the CEO of HashChing, expressed that the raised funds would be instrumental in driving the company’s strategic transformation. The initiative includes a revamped approach towards mortgage brokers and an expansion into SME finance, while still maintaining its consumer-focused, free-to-use model.
Maharaj highlighted that this strategic shift would enable HashChing to establish a more competitive position within the marketplace. He also emphasized the need for increased competition in the sector, expressing concern about the existing dominance of larger financial institutions.
He stated, “Mortgage brokers play a crucial role in fostering a healthy lending environment by promoting competition and advocating for borrowers. However, the industry currently favors larger institutions. We are reshaping HashChing and its business model to address these underlying industry dynamics.”
The CEO further outlined that the company’s revamped business model would offer greater profitability for brokers. HashChing plans to introduce new features as part of its subscription service, available for a monthly fee of $99.
By undertaking this strategic shift, HashChing aims to enhance its value proposition for both brokers and consumers, while also positioning itself as a formidable contender in the evolving mortgage and SME finance landscape.
