Digital mortgage broker Habito hit monthly profitability for the first time in September.
The broker stated this was in contrast to 2022, where average monthly losses were £897,000, and the first five months of 2023, where losses were £385,000.
However, since June, Habito stated there has been a “relentless drive” in controlling costs, while, at the same time, the business benefited from some strong performing revenue months over the summer.
Annualised losses are expected to be around £2mn for 2023, this is down significantly from £10.7mn in 2022 and Habito is on track to reach full-year profitability by the end of 2024.
Habito CEO, Ying Tan, said: “Since joining Habito as CEO in May I have been blown away by the dedication and hardwork of the team.
“The passion for the brand and delivering stellar service for our customers is plain to see, that is ratified by our excellent five star Google and Trustpilot reviews.
“Our customers are at the heart of all we do, and we are on a mission to improve their financial well being and transform their relationship with property and mortgages."
Tan stated his belief that Habito are the “stand-out player in mortgage and tech”, and that the broker is “firing on all cylinders” to achieve its ambitions for the future.
“It is a long road ahead and the market conditions are challenging but we are very much on the right trajectory,” he added.
Habito has helped over 26,000 people understand their mortgage needs in 2023 bringing its total close to 550,000 since launching in 2016.
Unlike many fintech firms and digital rivals, since Tan’s arrival Habito has firmly focused on a fast track route to profits and sustainable growth rather than expansive and loss-making growth plans.
tom.dunstan@ft.com
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