One Day Away From Shutting Down to 1000% Annual Growth
On Episode 7 of the “Future of Australia” podcast, I speak with Mandeep Sodhi, the Founder and CEO of HashChing, a mortgage broker marketplace, which grew 973% in FY17 to hit $769,000 in revenue, since starting trading in 2015.
This placed them on the Financial Review list of 100 fastest growing new companies in Australia, and makes them one of the fastest growing new FinTech firms in Australia.
[ Click here to listen to the podcast in SoundCloud, or Click here to listen in iTunes, or search " Future of Australia Podcast" in your iPhone podcast app]
We discuss...
Moving to Australia for University and Working in the Financial Sector With a Desire to Learn How Banks Operates
How His False Belief Around Banking Employee Discounts Lead to an Embarrassing Situation and Triggered Him to Start His Own Business…. and “If a Banker Can’t Get a Better Deal, Just Think About The Consumers...They Are Definitely Getting Ripped Off”
How His Experience In Banking Allowed Him To See The Roadblocks and Challenges Slowing Down Big Institutions...And How He Used That to Craft His Competitive Advantage
Being a Pioneer And First Mover In An Alcohol Delivery Start Up A Decade Ago Lead to It Growing Too Fast and Becoming Unmanageable
How The Lack of a Technical Co-Founder And Having Ideas Beyond The Capacity of Current Technology Caused His Second StartUp To Fail
How a Threatening Letter From ASIC Within The First Six Months Meant They Were One Day Away From Closing Down the Business
“Do Not Be Afraid To Reach Out For Help… Especially In The First 12 Months”
Compliance Challenges and Technology Delays Caused a Seven Month Delay in Launch And Resulting In Flat Early Growth
Going From $10mm annual loans to $15 BILLION Within A Year
“Trust is a Major Factor in Australia [FinTech]”
Teaching Millenials And First Home Buyers The Value of Mortgage Brokers
Growing Revenue by 1000% In a Year to $800,000 Through Organic Growth by Effective PR and Media Coverage
Using Customer Testimonial Videos Across Social Media That Caused Viral Sharing and Exponential Growth
Why 56% of Loans Are Now Done Through Mortgage Brokers
Solving The Problem of “WHO is the Right Broker In Your Area”
How Broker Reviews and Ratings Drove 10X Growth In a Year
Building a Live Chat Support Team to Handle 3000+ Loan Applications Per Month
“FinTech Providers Who Are Transparent About Fees and Processes Will Win Customer Trust”
The Legacy Systems and Poor Customer Service of Large Banks Mean “Millenials Would Rather Go to The Dentist Than Talk to a Banker”
Why People Want to Bank With One APPLICATION But Not One PROVIDER
“If You Are Locked In With One Institution...They Will Never Come to You With Better Deals From Other Institutions...They Will Always Be Biased”
The Growing Acceptance of “StartUps” As a Career Choice And Why Working For Large Banks Is Now Less Popular
The Lack of Investor Support and Venture Capital in Australia Stopping It From Being The Next Silicon Valley Due to High Risk Aversion
How Growing Up in India With Strong Family Values and Professional Expectations Lead To Him Doing What His Family Wanted But Not What He Wanted
Why It Took His Father Two Years To Tell People His Son Was Running A StartUp And Not Working In a Large Bank
“I Never Had An Interest In Business..I Just Got Frustrated In My Last Role That Didn’t Align With My Thinking [Or Values]”
What Technology Can Do, Versus Where Brokers / Humans Add Value, Why Getting a Mortgage Is Not Like Getting an Uber
[ Click here to listen to the podcast in SoundCloud, or Click here to listen in iTunes, or search " Future of Australia Podcast" in your iPhone podcast app]
Podcast Episode History:
Episode 1: "Family Business & Real Estate: How Husband and Wife QLD Entrepreneurs Found A Gap in The Market"
Episode 2: "Law & Accounting Firm A.I and Automation + Doubling Revenue TWICE in 12 Months"
Episode 3: "Expat Entrepreneurship & Maximising Your Marketing Dollars"
Episode 4: "Turning a Hobby Selling Quirky Gifts Online Into a Multi-Million Dollar Business"
Episode 5: "Owning 20+ Properties In His 20s to Buying 40 Per MONTH for Clients"
Episode 6: "Engineering Entrepreneurship and Managing BILLION Dollar Assets"
Hi, my name is Derek. "FUTURE OF AUSTRALIA" is a project I am running to interview the Founders, CEOs and Entrepreneurs behind the fastest growing businesses in Australia. These interviews will be turned into podcast episodes, as well as articles.
"FUTURE OF AUSTRALIA" is about interviewing, celebrating and sharing the knowledge, aspirations, struggles, goals and achievements of these people with a broader audience.
If you are interested in contributing, learning more of keeping in the loop with our updates and email newsletter, email me at [email protected], or give me a call or text on 0404 689 897.