habito.com, the world's first online mortgage broker to launch a chatbot, has raised £5.5m in Series A funding led by Silicon Valley-based Ribbit Capital, with participation from existing investor Mosaic Ventures.
The UK company revolutionised the way people discuss mortgage options a by creating the Digital Mortgage Adviser chatbot which habito says has halved the average amount of time spent on each morgage case.
With its new investment cash, habito plans to accelerate its rapid growth, enhance the technology behind its award-winning service and transform the outdated mortgage industry for millions of homeowners and new buyers across the country.
Since its launch in April 2016, the East London-based company has helped more than 20,000 people better understand their mortgage and has completed £50 million in mortgage applications. It also gives customers access to over 60 lenders in real time, helping them to complete their application.
Daniel Hegarty, Founder and CEO of habito, said the overwhelming response from the habito's customers assisted in its progression.
“The amazing 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," he said.
Hegarty also explained that the brokerage industry has been in dire need of an overhaul, something Habito has happily contributed to.
"The industry has suffered from a lack of innovation for decades and the outdated, paper-based manual processes aren’t fit for 21st century homeowners," he said.
"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 that provide Britons with the best mortgage experience possible.”