London-based Habito has secured £35M in a Series C funding round held in August 2020, led by Augmentum Fintech, SBI Group and mojo.capital. Previous investors Ribbit Capital, Atomico and Mosaic Ventures also took part in the round.
This announcement comes on the same day as Habito becomes B Corp certified, apparently a legal promise of sorts to balance both purpose and profit. These companies are lawfully required to consider the effect of their decisions on their employees, customers, suppliers, community, and the environment.
Proceeds from the new round will be used by the company to continue digitizing facets of home financing and buying. The latest round brings the total capital raised by Habito to almost £63M to date.
Founded in 2014 by Daniel Hegarty, the startup offers digital mortgage services to homebuyers. Habito, which can be classified as both a FinTech and PropTech enterprise began its journey by presenting a digital mortgage brokerage, enabling people to secure a new mortgage and track the competitiveness of their existing mortgage. Their aim was to make applying for or switching mortgages as hassle-free as possible.
Further in July 2019, it began lending money via its own range of mortgages. This development helped the company expand beyond brokerage after it received regulatory consent to become a mortgage lender. Their aim was to reduce half the time frame from mortgage request to getting the loan, along with Habito’s integration with the conveyancing process to add more transparency for the home buyer. The number of documents needed was also meaningfully reduced.
In January 2020, Habito launched “Habito Plus,” something very similar to an end-to-end home-buying service. It brings together a buyer’s mortgage application, conveyancing needs and surveys, all under one platform.
Habito put forward its broker portal recently, providing more than 3K external brokers entry to its proprietary buy-to-let mortgage products and “Instant Decision” technology skills. The company plans to develop a collection of “pioneering” housing mortgage products for all types of homeowners, not just “buy to let.”
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