Online specialist mortgage broker Haysto has received an investment from Rishi Khosla, CEO and co-founder of OakNorth Bank and technology software specialist, Dr. Steve Garnett.
Haysto was launched as an appointed representative of HL Partnership last year, having initially joined the industry as an online specialist mortgage aggregator.
The investment is expected to help Haysto expand its reach as it prepares to hire 75 staff by the end of this year. It currently has a team of 25 employees.
Between Jonathan Moulton, co-founder and managing director of Haysto, Garnett and Kholsa, the company has raised an investment of £1million to support its growth.
Kholsa launched its first venture, offshore research and analytics services Copal Partners in 2002, before launching OakNorth in 2015. During his 40-year career, Garnett started three software companies Oracle Corporation, Siebel Systems and Salesforce.com.
The company’s platform aims to provide an end-to-end solution for borrowers who require specialty mortgages.
He said he wants to introduce a “faster, safer and more transparent process” for borrowers who don’t fit into the traditional market.
The platform also allows customers to manage their mortgage, property transfer, and insurance.
Last year, it partnered with Econveyancer in a deal that gave Haysto white-label access to a list of companies on the Econveyancer panel.
Moulton said: “Since launching Haysto, we have helped thousands of customers realize their dream of home ownership after being unnecessarily rejected by traditional banks and brokers. As we enter the next phase of growth, we are focused on bringing in value-added investors; Rishi and Steve’s alignment from a market, technology and business growth perspective is a perfect fit for Haysto.
“We are also grateful to our network partner HLP – especially CEO Chris Tanner who provided strong strategic support throughout our growth.”
He said Haysto had a “profitable business model” which would be bolstered by the investment.
Moulton added, “We are also expanding our team of engineers as we accelerate the development of our platform ready for a major new release later this year.”
Shekina is the business writer for Mortgage Solutions. She has over four years of experience in the B2B publishing market, with previous industries including accounting, pets, funerals, hospitality, retail and jewelry. She currently reports mortgage market news and liaises with financial clients to produce sponsored content. Follow her on Twitter at @ShekinaMS