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UAE proptech startup Huspy has announced the acquisition of two mortgage brokerages – Just Mortgages and Finance Lab.
The founders and employees of both companies will join Huspy. The acquisition will provide the company with further influence and distribution in the local mortgage sector.
The announcement follows Huspy’s acquisition of Home Matters in January, creating the nation’s largest home financing platform.
read: UAE-based proptech Huspy acquires mortgage advisory firm Home Matters
In a statement, the company said building alignment with other players could help enhance the process of using technology to obtain mortgages and provide homebuyers with financing benefits. It also enables startups to improve the homebuying ecosystem in the region.
Ankit Shah, Head of Mortgage M&A at Huspy UAE, said: “I am delighted to welcome Just Mortgages and Finance Lab to the Huspy family. In the last 18 months of our partnership, they have proven not only to be knowledgeable business partners, but reliable people with a good mindset and a culture that aligns with Huspy’s values. The addition of these two businesses will bring additional benefits to homebuyers in the UAE and builds upon Huspy’s proven experience.”
The UAE’s real estate market continues to witness promising demand, with sales increasing by 25% in the second quarter of 2022, with key buyers in the country coming from India, the UK, Italy, Russia and France.
The statement added that Huspy’s home financing applicants receive mortgage rates, exclusive offers and other benefits, while more than 90 percent of Huspy’s mortgage customers are approved for financing.
In June 2022, Huspy raised one of the largest Series A rounds in the MENA region at $37 million. Investors in the company include Sequoia Capital India, Founders Fund, Fifth Wall, Chimera Capital, Breyer Capital, VentureFriends, COTU, Venture Souq and BY Venture Partners.
read more: UAE-based proptech Huspy secures $37M Series A round
The company announced at the time that it would use the funding for technology development to double its growth in the UAE and Spain and expand across Europe.
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