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Several mortgage and finance brokers have been left reeling as paid client relationship management (CRM) platform, Mystro, has been inaccessible for the past six days.
Mystro, a financial technology platform owned by Fintek, is an AI-powered CRM designed for finance professionals to automate client onboarding, document collection, and repetitive administrative tasks.
It claims to serve roughly 15,000 monthly active users, offering automated client onboarding, document collection, and lender integrations. But since Saturday (1 August), the system has been entirely inaccessible, leaving brokers who rely on the paid service dead in the water, seemingly with little explanation.
Indeed, at the time of publication, the Sign In page of the Mystro website was not working.
Responding to Broker Daily questions, CEO of Mystro, Dmitry Chourpo, attributed the collapse to a hosting issue, dismissing fears of a security incident.
He said: “We have been offline for six days due to an issue with our hosting provider. We want to reassure our customers that there has been no security breach, and their data remains secure.
“We are actively working to resolve the issue. This disruption is temporary, and our services will be restored as soon as possible.
“Brokers will regain access to their data once the platform is back online.”
Justin Picker from Picker Financial told Broker Daily that he uses Mystro daily for client qualification and loan application forms and said: “I first noticed I couldn’t log in on Sunday night (2 August), then checked the website and couldn’t make bookings.”
The broker said he also could not access client data stored on the platform (including client documentation).
Picker added that he had also tried to contact Mystro via email and phone and had not heard anything from them as to what the issue was, stating there were “no emails, no updates, no explanation for the downtime”.
Picker said: “It’s frustrating and leaves brokers in the dark. We rely on their platform for efficiency, so the silence and lack of info is really disappointing.”
He added that brokers have paid “upfront” for the service (due to automatic annual renewals), so “its disappearance means your investment in the company disappears with it”.
The broker said he hoped that, at a minimum, Mystro could tell broker users why the platform is down – and a timeline for when the system will be back up – and added: “Ideally, some form of compensation for the downtime would be fair given the disruption.”
Brokers worry about future viability after deregistration notice issued
However, with Mystro offering little direct communication during the blackout, panicked brokers began doing their own digging, uncovering regulatory notices about the platform’s parent company.
Records show the Australian Securities and Investments Commission (ASIC) issued a notice on 21 July proposing to deregister Fintek. ASIC typically initiates deregistration when a company fails to pay its annual review fees or industry funding levies for over 12 months or when a business ceases operations.
The Australian Securities & Investments Commission (ASIC) typically initiates a company’s deregistration because it has not paid its annual review fee in full for at least 12 months after the due date. However, other reasons include businesses not paying industry funding levies or ceasing operations as a business.
After a notice of proposed deregistration is issued, companies have two months to act (i.e. pay any outstanding fees or levies) and stop the action.
However, speaking of the ASIC notice, Chourpo told Broker Daily: “This has been resolved. The company will not be deregistered and will continue operations.”
More to come.
[Related: ASIC calls for urgent cyber uplift amid AI threats]
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