UK-based Habito, a digital mortgage broker, has raised €6.4 million in Series A funding. The investment was led by Silicon Valley-based Ribbit Capital, with participation from existing investor Mosaic Ventures.
Since it launched in April 2016, Habito has helped over 20,000 people and completed €58 million in mortgage applications. The company plans to use the new funding to further develop its machine learning technology and create a fully automated end-to-end platform which will enable it to offer new services.
“The 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," Daniel Hegarty, the founder and CEO of Habito, said in a statement. "The industry has suffered from a lack of innovation for decades and the outdated, paper-based manual processes aren’t fit for 21st century homeowners.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.”
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