Proptech, Huspy, acquires Just Mortgages and Finance Lab
Huspy, a UAE proptech startup has two UAE mortgage brokerages, Just Mortgages and Finance Lab. The founders and employees of both businesses will join Huspy.
The two deals follow Huspy's acquisition of Home Matters in January this year - a move that put the company in a leading position in the mortgage sector in UAE. Uniting players within Huspy helps to enhance the processes of getting a mortgage with technology, as well as provide home buyers with financing offers. All of this brings the company closer to its ultimate goal of improving the home buying ecosystem in the region.
Huspy’s home financing applicants have access to market leading mortgage rates, exclusive offers, and other benefits. With Huspy’s scale and volume of financing, customers and partners also have access to exclusive mortgage rates that are unavailable elsewhere on the market. Over 90 percent of Huspy’s mortgage customers secure financing approval, a new benchmark for the industry.
The UAE’s multi-billion dollar property market continues to witness record breaking demand with 25 percent increase in sales in Q2 2022, according to recent reports. The top buyers in the UAE come from India, the United Kingdom, Italy, Russia and France.
By aiming to create a category-defining journey within a single platform, Huspy makes sure customers can find and finance their home faster and more easily than ever before. The company has identified a GMV (Gross Merchandise Value) opportunity of $400 billion in the UAE and Spain where it operates.
Just Mortgages team comprises numerous sector veterans with experience in closing deals for local and international home buyers in the UAE. Finance Lab has long-standing banking partnerships to support property financing.
Ankit Shah, Head of M&A, Mortgages UAE at Huspy said, “Within the last 18 months of our cooperation (with Just Mortgages and Finance Lab), they not only proved to be knowledgeable business partners, but also reliable with a great mindset and cultural fit for Huspy's values. The addition of these two businesses will create further benefits for home buyers in the UAE and build on the experience that Huspy is recognised for. We look forward to partnering with more like-minded market players in the future."
Just Mortgages team comprises numerous sector veterans with experience in closing deals for local and international home buyers in the UAE. Finance Lab has long-standing banking partnerships to support property financing.
In June 2022, Huspy raised one of the largest Series A rounds in the MENA region at $37 million.
