Image credit: Habito
Digital mortgage broker Habito has secured fresh funding and appointed a replacement for its outgoing CEO.
The undisclosed fresh investment came from Habito’s previous backers Augmentum Fintech, SBI Investment, Volution and Bootstrap Europe.
London headquartered Habito provides tools including mortgage switching, and home-buying services.
Ying Tan will become the company’s new CEO – pending Financial Conduct Authority approval – after founder Daniel Hegarty stepped down in March, according to Companies House filings.
Tan has nearly 20 years of experience in the property industry. In 2006, he founded the mortgage broker Dynamo and sold it to property firm Connells in 2021. He is also an investor in fintech companies including Propflo and Knowledge Bank.
The announcement comes during a turbulent period for the housing market, with the average two-year fixed-rate mortgage rising from 5.26% to 5.72% since the start of May, according to data analyst firm Moneyfacts.
“I’ve admired Habito from afar since its launch in 2016 and I’m beyond thrilled to have the opportunity to take the company to the next level,” said Tan.
“With the cost-of-living biting, energy prices skyrocketing and interest rates at historic highs, it’s more important than ever for UK mortgage-holders and first-time homeowners to have access to the very best mortgage and home-buying advice.”
The proptech company launched Habito Plus in 2020 with the aim of bringing mortgage applications, conveyancing and surveys into one platform.
It also provides a broker portal to give external brokers access to the company’s own buy-to-let mortgage products.
The company says it has worked with over 500,00 customers and submitted mortgages valued at more than £10bn since its launch in 2016.
The company has secured more than £68m in total equity funding, including an £18.5m Series B round in 2017 and a £35m Series C in 2020.
Its backers include Atomico, SBI Investment and Mosaic Ventures.