Joust, a fintech with IP that cannot be patented, a heavy burn rate and backing from a former bank CEO is on the hunt for A$2 million in capital via crowdfunding.A start-up platform aimed at bypassing the complexity of the home loan market by directly matching potential borrowers with mortgage providers, Joust's offer went public this week on the platform OnMarket."More than 2100 customers have used our database," said CEO Mark Evans, one of the founders, yesterday.The offer document shows the firm has assisted banks originate a shade more than $1 billion in mortgages since handling its first loan in mid-2016. Around 15 lenders were listed on the Joust website yesterday and the offer document projects this will rise to 25.For funders, the appeal in using Joust is that it cuts the cost of third-party origination by two thirds.Joust receives a one-off front end "success fee" from banks when a customer settles their home loan, calculated at 0.2 per cent of the settlement loan amount. Joust charges each bank a $25 "viewing fee". Joust also collects a $100 "acceptance fee which is offset against the success fee only if the loan transaction settles."The pre offer valuation of $4.656 million for Joust Australia Limited "was determined by the board ... the previous capital raise in January 2017 valued the business at $2.91 million."A hectic burn rate continues as Joust enters its third year of trading.Joust had $122,000 in equity as at March 2018 and $1.5 million in accumulated losses. Over the first quarter of the year the loss was $95,000.The company cautioned investors that "current cash reserves (plus the net proceeds of the offer) may not be adequate for our total funding requirements beyond the next 12 to 24 months."Evans told Banking Day that Joust expected to be profitable in 2019.The intangible assets central to the company's vision lack protection under intellectual property law."The company received advice on patenting its IP, which confirmed that it would be very difficult to defend its IP if it were tested. The technology and processes we have developed could be replicated by another group with a large budget," the document explains. Early investors include: Mark Bevan, with18 per cent; Chapman Property Trust, 14 per cent; co-founder Richard Hockney, seven per cent; and the third founder Damien Mair, five per cent.Alongside its statutory board of directors Joust has set up an advisory board chaired by Rob Chapman, former CEO of Westpac's St George Bank division.