Australia’s leading mortgage broker platform HashChing today announced it has acquired document automation and data collection company Mystro.
The acquisition follows a successful period of growth for HashChing and will help to expand its service offering to mortgage brokers.
Whilst a booming property market is predicted to continue in 2021, there is also significant consolidation in the mortgage broking market with a broader shift to online/digital channels, due to the global pandemic.
This is presenting a considerable challenge to mortgage brokers who need to compete with both direct bank and non-bank lenders as well as other brokers, all whilst having significantly fewer resources to spend on marketing and sales technology.
Why is HashChing acquiring Mystro
Over 1,500 mortgage brokers across Australia already utilise Mystro to streamline their document management, client data collection and loan applications.
For the 2021 financial year, Mystro has processed $28 billion in loan applications.
The strategic acquisition announced today will allow many more to take advantage of both technology platforms and help level the playing field for independent brokers.
The company is committed to providing the best possible resources for brokers to be successful, and the acquisition was the natural next step in this process.
CEO of HashChing Arun Maharaj says, “As Aussie’s leading mortgage broker and digital loans platform, we are thrilled with the opportunity that this acquisition brings to mortgage brokers.”
“It’s our mission to help brokers deliver great customer experiences, and we know from our conversations that they’re busier than before. The way they interact with customers has changed over the past 12 months, and digital productivity is a big part of broker success.”
“That’s one of the key reasons why HashChing has acquired Mystro – its laser focus on eliminating repetitive tasks and streamlining digital processes is a perfect fit with HashChing’s mission to give brokers a one-stop-shop tool for productivity and profit.”
“With the industry changing at a rapid pace, HashChing has been quick to implement strategies and provide the necessary resources for mortgage professionals to resume business as usual.”
“We offer choice to our borrowers to access better deals, to our brokers to engage with clients through technology and to diversify their income in the most productive way for them.”
“I’m very much looking forward to working with the team at Mystro to make this a successful operation for all involved,” said Mr Maharaj.
“Through this acquisition, Mystro will retain the industry-leading team and brand but will now also be able to utilise the resources of the HashChing team, who share our vision in supporting brokers and look forward to creating a seamless, innovative broker platform together.”