Habito said despite “challenging” market conditions, particularly in the fintech space, the investment would help the firm move to the next phase of its offering.
This will include a “strategic refocus” of its core services, such as the mortgage brokerage and its Plus service, which combines the mortgage, surveying and conveyancing process to support clients through to completion.
The firm said it will continue to align its technology platform with its advice team and aims to achieve profitability within the next 12 months.
The firm did not confirm the staff cuts but of the merger, said it was “exploring multiple strategic partnerships”.
The merger with L&C was supposed to integrate its telephone systems with Habito’s technology platform.
Daniel Hegarty (pictured), founder and CEO of Habito, said: “Over the past six years, we’ve been on a mission to make mortgages easier with our unmatched technology and best-in-class mortgage advisors and case managers.
“With the cost of living biting, energy prices sky-rocketing and interest rates at a historic high it’s more important than ever for mortgage holders and would-be homeowners to have access to the very best mortgage and home buying advice.”