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HashChing announced that it has completed a capital raising worth $1 million through venture capital firm Sapien Ventures, with the funds to be spent on upgrading resources to speed up the processes and development of the platform.
Atul Narang, CIO and founder of HashChing, said the upgrade of resources will significantly enhance the group’s capability to take on more business.
“With more brokers joining our platform, we need to increase our back-end support for those seeking help,” he told Mortgage Business.
“As a CIO, I’ve been doing 10 people’s jobs.”
Mr Narang said the funding will also help expand HashChing’s presence in the industry by improving its marketing capability.
The company, which launched last year, is looking to complete another capital raising in 2017, and is already in discussions with a few venture capital firms.
HashChing’s capital raising coincides with the platform’s new partnership with e-signature program DocuSign, which Mr Narang said will significantly reduce the time it takes for brokers to become activated and gain access to leads.
Mr Narang said DocuSign also enables HashChing to easily store and access contracts for compliance purposes, reducing printing costs as well as the company’s environmental footprint.
As of April 2016, HashChing had created leads generating almost 1,000 home loan applications, worth a total of $530 million.
[Related: Fintech adoption tipped to double in 2016]