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Habito wins £18.5m to bolster brand and technology

Habito has raised £18.5m from venture capitalists to invest in its brand and technology.

Most of the cash comes from Atomico, with some coming from existing investors Ribbit Capital, Mosaic Ventures, and Revolutionary (Ad)Ventures.

Atomico partner Niall Wass says his firm thinks the mortgage market is “inefficient” and that Habito is challenging this.

In January Habito raised £5.5m in funding, and has now secured £27.5m of outside investment in total.

The digital mortgage broker is working with banks and lenders with the ambition of achieving real-time mortgage applications and approvals.

Habito chief executive Daniel Hegarty says: “We remain committed to rebuilding the mortgage industry with the customer at its centre.

“This new funding round led by Atomico has encouraged us to accelerate that ambition and we’ll continue to invest in an amazing team of engineers, mortgage experts and product designers, to deliver the best mortgage experience in the market.”

Wass says: “When you see a very large inefficient market, with £30bn of annual overspend by consumers in the UK alone, and a business rethinking how to provide a simpler, faster and cheaper service to customers, more targeted access to borrowers, and with lower costs for the lender – there is a lot to like.

Habito is also making a range of insurance products.

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