The acquisition will make Monzo the first UK bank to offer a fully end-to-end mortgage broking experience within its app, with the aim of making the process simpler, faster, and built around customers’ needs.

Monzo already has a tool to help people track their mortgage via its Homeownership feature. It connects any mortgage, shows the balance and home value and highlights better deals.

Habito chief executive Ying Tan says: “At Habito, we’ve always believed mortgages should be easier, fairer, and simpler for everyone.”

“I’m incredibly proud of what our team has built, and I couldn’t be more excited for this next chapter with Monzo. Together, we’ll transform what the mortgage experience feels like – effortless, empowering, and truly built around people.”

Monzo chief banking officer Kunal Malani adds: “Monzo has transformed money management for millions and millions of customers – yet we know that mortgages still remain a complex, cumbersome pain point, and one we are looking to solve.”

“This is a huge step in our mission to make money work for everyone, and we’re excited to bring Monzo’s simplicity and transparency to one of life’s biggest financial moments.”

Earlier this morning, Tan confirmed on LinkedIn that he would be “staying on to lead the charge in this next phase”.

In addition, Monzo Bank has appointed Andrei Lebed as head of homeownership. Lebed joins from Koodoo, a company he founded in 2019.

He previously worked at Dynamo Mortgages as product lead between 2017 and 2019, a company that Tan founded in February 2006.

In October, Habito appointed seven new experts in the mortgage advice team, with a further five due to join next month.