Digital mortgage broker Habito closes £5.5m Series A
Finance will enable mortgage broker to invest in its machine learning capabilities and develop new products
Habito, the digital mortgage broker, has secured £5.5m in Series A funding led by Ribbit Capital, with participation from Mosaic Ventures.
Launched in April 2016, Habito is updating the mortgage application process for the digital age, helping consumers “find the best possible deal” from over 10,000 mortgage products.
To date, the company claims to have helped 20,000 customers and completed £50m in mortgage applications. It has also developed a Digital Mortgage Adviser chatbot that customers can use to help submit their applications.
The funding will be used to develop Habito’s machine learning capabilities and offer new services such as real-time mortgage approvals and automatic alerts when a better deal becomes available to registered customers.
Property technology (proptech) has emerged as a rapidly growing sector in the last couple of years, with firms such as Startups 100 number one Purplebricks, a 24/7 online estate agency, Settled, and Property Partner disrupting the outdated industry.
Daniel Hegarty, founder and CEO of Habito, said: “Our technology empowers people to take control of their personal finances and protect themselves against getting or staying on the wrong mortgage.
“We’re excited to continue to build our business and deliver new services that provide Britons with the best mortgage experience possible.”
Micky Malka, founder and general partner at Ribbit Capital said: “We believe Habito has the leadership, business model and technology expertise to shake up the mortgage industry in unprecedented ways. Mortgages are the biggest personal debt most people take on in their lifetime, and Habito brings a level of transparency that customers value and expect.”