Broker firm Haysto has secured a multimillion-pound investment from HLPartnership (HLP) that will “accelerate its growth and product innovation”.
Haysto added that the investment meant it was “poised to further cement its market leadership, offering [an] unparalleled customer experience and innovative solutions”.
These include the creation of an AI Eligibility Engine, which will be used by advisers internally and made consumer-facing. It will be powered by open banking and data from the three major credit bureaus to “to democratise the complexity consumers face when sourcing mortgages, particularly in the specialist sector”, a spokesperson said.
They added: “This will increase internal advisor output while providing accurate, real-time eligibility for our customers.”
The online mortgage broker firm was launched around three years ago and offers advice on bad credit mortgages, self-employed mortgages, specialist mortgages and remortgages. It currently has a headcount of 75 and ambitions to grow further this year.
The company recently appointed Jonny Magill as its chief commercial officer to spearhead its growth plans.
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Jonny Moulton, CEO of Haysto, said: “Firstly, a huge thank you to our team, who are second to none and have made this milestone possible, as well as our seed investors, Rishi Khosla, CEO of OakNorth, and Steve Garnett, former Salesforce and Oracle executive.”
He said that since it launched, it had grown into the “number one brand in the specialist market, helping thousands of people become homeowners who were previously told ‘no’”.
“With a strong underlying financial model, this investment will be used to accelerate the development of our platform, specifically as we deploy AI into workflows and extend the reach of our brand through new strategic partners to help more people, both in the specialist and mainstream markets.
“Being in a position where we didn’t need capital, we were fortunate that we could be selective when choosing a partner. Christopher Tanner, CEO of HLPartnership, has been a great supporter of Haysto from day one, providing invaluable resources and counsel. BetterHome Group is an industry leader; from the first time I met Rudi, I could tell his shared passion for customer outcomes, vision, and hunger would not only be a great fit for HLP, but also a great partner for Haysto,” Moulton said.
Christopher Tanner, CEO of HLP, said: “At HLPartnership, we are committed to supporting our broker firms in driving their businesses forward and delivering excellent customer outcomes. Since joining our network in 2021, Haysto has made remarkable progress as a digital-first broker, using their innovative Haya platform to simplify complex mortgage journeys for customers who face unique challenges.
“By harnessing technology to streamline applications and improve efficiency, their approach perfectly aligns with HLP’s focus on empowering the future of the mortgage market through innovation. This investment represents an exciting opportunity to support one of our firms as they push boundaries, embrace digital advancements, and set a new standard for what’s possible in the mortgage industry.”
Rudi Botha, CEO of BetterHome Group, said: “Our investment in Haysto reflects our commitment to empowering businesses that enhance the homeownership journey through innovative solutions.
“Haysto’s digital-first approach and dedication to assisting customers with unique challenges align seamlessly with our mission to make every step of the home journey a dream experience. By combining our resources and expertise, we aim to support Haysto in setting new standards in the mortgage industry, ultimately helping more individuals achieve their homeownership dreams.”
