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Habito Hits Monthly Profitability For The First Time
Digital mortgage broker Habito has achieved a massive milestone and recorded its first ever monthly profit in September.
In 2022 average monthly losses were £897,000, and for the first five months of 2023 it was £385,000. However since June there has been a relentless drive in controlling costs, whilst the business has benefited from some strong performing revenue months over the summer.
Annualised Losses are expected to be circa £2m for 2023, this is down significantly from £10.7m in 2022. Habito is on track to reach full-year profitability by the end of 2024.
Habito has helped over 26,000 people understand their mortgage needs in 2023 bringing its total to close to 550,000 since launching in 2016.
“Since investing and 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, this is ratified by our excellent 5 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,” Ying Tan, CEO of Habito said.
“I believe we are the stand-out player in mortgages and tech, and we’re firing on all cylinders to achieve our bold and big ambitions. It is a long road ahead and the market conditions are challenging but we are very much on the right trajectory.” Tan added.
Unlike many fintech firms and digital rivals, since Tans arrival Habito has firmly focused on a fast track route to profits and sustainable growth rather than expansive and loss-making growth plans.
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