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World’s first online mortgage broker secures £1.55m with backing from big FinTech names

London-based online mortgage broker Habito has raised £1.55m in seed funding, led by venture capital firm Mosaic Ventures.

The tech firm, which aims to bring mortgage broking into the 21st century, also attracted backing from a number of big figures in the FinTech scene, including Taavet Hinrikus Chief Executive Officer at TransferWise and Samir Desai of financing company Funding Circle.

Founded by entrepreneur and former Wonga employee Daniel Hegarty, Habito allows individuals to compare mortgage deals from over 100 providers through their online application process, significantly speeding up what can be a lengthy process.

The investment also marks Mosaic Ventures first moves into the FinTech market, following investment in the other tech ventures such as Blockchain and the female fertility app Clue.

Following the funding, Daniel Hegarty, Chief Executive Officer and founder at Habito, explained his vision for the firm and how he sees it shaking up the mortgage market.

He said: “Technology has transformed our lives beyond recognition, so it’s hard to believe applying for a mortgage today remains no different from the difficult and often protracted process of 10, 20 or 30 years ago.

“It’s an industry that has seen no meaningful innovation, yet technology can do so much to take the pain out of mortgages for consumers. It’s not right that millions of people are paying over the odds on the wrong mortgage.”

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