Firms: MinterEllison (Sapien Ventures); KWS Legal (HashChing)
Deal: Sapien Ventures has invested $1 million in the Australian fintech start-up HashChing.
Value: $1 million
Area: Banking and finance
Key players: M&A partner Glen Sauer (pictured) led the MinterEllison team advising Sapien Ventures. They had assistance from partner Hamish Wallace and senior associate Vasuki Sivaloganathan from the tax team, senior associate Aidan Douglas, lawyers Daniel Ezekiel and Ashlee Zileski from the M&A team, and senior associates Stephen Worthley, Gus Skavronskas, as well as trademark paralegal Jessika Chan from the IP team.
KWS Legal special counsel Nicole Segal advised HashChing.
Deal significance: The $1 million backing of Sydney-based HashChing is Sapien Ventures’ first ever investment. Sapien Ventures is a new venture capital company established in 2015 to invest in early-stage technology ventures.
HashChing offers a marketplace platform that allows prospective home buyers to choose from a variety of mortgage brokers. It connects prospective borrowers directly to independent, verified mortgage brokers who seek to further negotiate a better interest rate from lenders.
The investment will allow HashChing to expand its marketing and, with the guidance of Sapien Ventures, further develop its platform.
MinterEllison advised Sapien Ventures on the structuring, legal and tax due diligence, and documentation for the transaction.
Speaking on behalf of the firm, lead partner Glen Sauer said MinterEllison was “delighted to have assisted Sapien Ventures on its first investment in HashChing”.
“HashChing's business model highlights the disruptive influence of fintech start-ups that are leveraging technology to empower consumers. We look forward to collaborating with Sapien Ventures on its future investments,” Mr Sauer said.
Note: article updated as at 12 May 2016, based on availability of new information.