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Moneycatcha [SMART 100, 2018]

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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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1. THE BEGINNING

This innovation initially came to life when…

I observed how people stressed their way through the process of obtaining a home loan. I believed in my idea so much that I invested almost $400,000 of my own money and took the plunge into the world of startups – leaving a very secure job at a national mortgage broker franchise while raising my child as a single mother. No bank in Australia has successfully transformed the end-to-end mortgage origination process as they have found it too challenging. We can reduce the home loan process from 42 days to 5 days.

2. WHAT & HOW

The purpose of this innovation is to…

…reduce mortgage settlement costs and processing time so buyers can get their homes within a week rather than more than a month.

It does this by…

…using permission-based blockchain technology to secure and store data. The blockchain is a distributed ledger where transactions are recorded and confirmed. Once an event or transaction is recorded, the details of that event cannot be changed in any way. It is an immutable record that becomes a single source of truth – avoiding manual mistakes present in current systems.

3. PURPOSE & BENEFITS

This innovation improves on what came before because…

It can reduce mortgage settlement costs from $2200 to $1000 and processing time from 42 days to 5 days so buyers can get their homes within a week rather than more than a month.

Its various benefits to the customer/end-user include…

people manually entering data, making the process arduous and costly.

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

None.

5. TARGET MARKET

It is made for…

Australia and the rest of Asia Pacific, US and Europe.

It is available for sale through…

Moneycatcha and technology partners.

Our marketing strategy is to…

Initially leverage existing relationships. For example, Moneycatcha will leverage its relationship with KPMG to open the door to financial institution clients in Australia (Moneycatcha was a participant in KPMG’s mLabs Accelerator Program, co-designed with seven mutual banks to ideate new solutions, test assumptions, and co-create and prototype products and services).

Creating brand awareness will involve speaking engagements and media outreach.

 

FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

Maven Judge Vote: Moneycatcha – Smart 100 2018
(Please note – The form below is for judging purposes only and is restricted to the public)

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