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Habito raises £1.55m to disrupt mortgage market

Habito, a London-based online mortgage broker, has raised £1.5m in seed funding in a round led by Mosaic Ventures with participation from the CEOs of Transferwise and Funding Circle.

The startup claims to analyse every mortgage on the market across 100 different lenders to enable consumers to complete their application in approximately 30 minutes.

Daniel Hegarty, CEO and founder of Habito, said: “Technology has transformed our lives beyond recognition, so it’s hard to believe applying for a mortgage today remains no different from the difficult and often protracted process of 10,20 or 30 years ago.

“It’s an industry that has seen no meaningful innovation, yet technology can do so much to take the pain out of mortgages for consumers. It’s not right that millions of people are paying over the odds on the wrong mortgage,” he added.

Taavet Hinrikus, co-founder and CEO of Transferwise, spoke about his participation in the round, agreeing that applying for a mortgage was currently both stressful and time-consuming.

“Habito have built a great product that takes away that pain and helps consumers find the best product for them,” he concluded.

Angel investors Yuri Milner, Tom Stafford and Paul Forster also participated in the investment.