Digital mortgage broker Habito clinches £18.5m Series B
Property technology company will use funding to build out its technology and invest in its “consumer-focused” brand image
Habito, the Startups 100 2017-featured digital mortgage broker, has landed £18.5m in Series B funding led by Atomico, with participation from Ribbit Capital, Mosaic Ventures, and Revolutionary (Ad)Ventures.
Founded in January 2015 by Daniel Hegarty, Habito’s technology analyses more than 20,000 mortgage products across 70 lenders to help its customers find a product that suits their individual circumstances.
It has also created what it claims is the world’s first mortgage chatbot, the Digital Mortgage Adviser, which it says reduces the average time it takes to complete an application and provides automated, auditable and regulated mortgage advice.
Since launch in April 2016, the property technology (proptech) company has completed more than a quarter of a billion pounds in mortgage applications for more than 50,000 customers. And since closing a £5.5m Series B in January 2017, Habito has seen 50% quarter-on-quarter growth and tripled its headcount.
This latest funding takes total investment into the company to £27.5m and will be used to further develop its technology and “consumer-focused” brand image. It will also be working with a number of major retail banks and high street lenders to integrate its technology and systems directly, as it looks to achieve its ambition of facilitating real-time mortgage approvals and applications.
Hegarty commented: “We remain committed to rebuilding the mortgage industry with the customer at its centre. That means relentlessly improving our product and service, and providing the most convenient, straightforward, and elegant way to apply for a mortgage.
“This new funding round led by Atomico has encouraged us to accelerate that ambition and we’ll continue to invest in an amazing team of engineers, mortgage experts and product designers, to deliver the best mortgage experience in the market.”
Niall Wass, partner at Atomico, said: “When you see a very large inefficient market, with £30bn of annual overspend by consumers in the UK alone, and a business rethinking how to provide a simpler, faster and cheaper service to customers, more targeted access to borrowers, and with lower costs for the lender – there is a lot to like.
“Habito is a solution that is better for both sides of the mortgage market and with a great team executing with technology and customer service at its heart – Habito is a company we are excited to support.”