Online mortgage broker Habito has closed a £5.5m Series A funding round led by Silicon Valley-based investor Ribbit Capital.
The London-based firm, which raised £1.55m in April last year, also drew support from Mosaic Ventures.
According to a statement, the money will be used to accelerate growth and enhance its proprietary technology.
Daniel Hegarty, founder and CEO of Habito, commented on the round’s closure: “The amazing response we’ve received from customers has proved what we always knew – there’s a huge opportunity to make the experience of getting a mortgage simpler, more transparent and a lot less painful.
“The industry has suffered from a lack of innovation for decades and the outdated, paper-based manual processes aren’t fit for 21st century homeowners. 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,” Hegarty noted.
Since launching last year, Habito claims it has completed £50m in mortgage applications.
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By using Habito’s platform, customers are able to access over 60 mortgage lenders in real-time and file an application online.
Over the next year, the company will seek to develop its machine learning capabilities by creating an automated platform which will allow it to offer new services such as real-time mortgage approvals and automatic notifications to alert customers when a better deal is available.
Micky Malka, founder and general partner of 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.
“I’m confident that Daniel and his team have the right vision to change the mortgage industry for the better. We look forward to supporting them during this period of exponential growth,” Malka concluded.