British fintech mortgage lender Gen H has announced its first-ever monthly profit in November 2024, marking a milestone since the company began lending in 2020.
This achievement follows a five-fold increase in monthly revenue over the course of the year, highlighting the growing demand for innovative solutions to the UK housing affordability crisis.
William Rice, Chief Executive Officer at Gen H, commented: “I am proud to announce that Gen H turned a profit for the first time in November 2024. This is a massive achievement for our team, who have shown remarkable spirit and tenacity to scale the business in the face of the substantial market headwinds of recent years. At the heart of this business is a shared belief in the good that homeownership can bring to a person, a family, and a community – and we are as committed to this cause as we were on day 1. 2024 has been huge for us, and we’re all looking forward to an even bigger 2025.”
Gen H, co-founded by William Rice and Sophia Guy-White, was established with a mission to increase access to homeownership across the UK. Featuring innovative tools such as its income booster and deposit booster features, the company has reportedly supported thousands of individuals in achieving their dream of owning a home. Its proprietary technology, covering both loan origination and servicing, underpins its ability to deliver unique mortgage solutions.
Key to Gen H’s success in 2024 were several first-to-market innovations, including its property decisioning engine developed in collaboration with Rightmove and Legal & General Surveying Services.
The lender also introduced significant criteria updates, making it a preferred choice for foreign nationals, self-employed individuals, and applicants with complex income types—groups traditionally underserved by mainstream lenders.
The company’s demand-driven approach extends to its independent conveyancing arm, Gen H Legal, which aims to create a seamless and unified home-buying experience, with plans for increased investment in fixing the fragmented process of home purchases.
Gen H products are available online and through select clubs and networks such as the Legal & General Mortgage Club, MAB, Stonebridge, PMS, PRIMIS, Paradigm, TMA Club, and Simply Biz Mortgages.
Read the orginal article: https://www.eu-startups.com/2024/12/london-based-fintech-gen-h-achieves-profitability-with-500-revenue-growth-in-2024/
