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Huspy, an Emirati-based real estate tech startup aiming to redefine the home buying experience in the region, has announced the acquisition of two mortgage brokerages – Just Mortgages and Finance Lab.
The founders and employees of both companies will join Huspy.
The two deals follow Huspy’s acquisition of Home Matters in January – a move that gave the company a leading position in the UAE’s mortgage industry. Bringing players together within Huspy helps improve the process of obtaining a mortgage through technology and provides homebuyers with market-leading financing services. All of this brings the company closer to its ultimate goal of improving the homebuying ecosystem in the region.
Ankit Shah, Head of M&A at Huspy UAE Mortgage, said: “I am delighted to welcome Just Mortgages and Finance Lab to the Huspy family. In the last 18 months of our collaboration, they have proven not only to be knowledgeable business partners, but also 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 home buyers in the UAE and builds upon Huspy’s proven experience. We look forward to working with Huspy in the future More like-minded market players to cooperate.”
Just Mortgages was founded in 2018 by Ramesh Khemani. The company’s team is comprised of industry veterans with extensive experience in closing transactions for both local and international home buyers in the UAE.
“Joining Huspy is a dream come true. I can now be sure that my extensive banking knowledge and experience is backed by the best technology and strong talent, coupled with Jad’s unparalleled business vision. Together we can scale and serve our clients and partners for better outcomes,” said Ramesh Khemani, founder of Just Mortgages.
Finance Lab was founded in 2020 by Manish Bhagnari, a financial services veteran with 20 years of banking experience.
Finance Lab has an extensive partner network in the UAE with longstanding banking partnerships to support real estate financing.
“My banking experience across different functions and roles has underpinned what I have achieved to date. We have been working closely with Huspy over the past 18 months and have seen incredible growth. This partnership will allow us to further Manish Bhagnari, CEO and Founder of Accelerated Finance Lab, said:
The UAE’s multi-billion dollar real estate market continues to witness record-breaking demand, with sales up 25% in the second quarter of 2022.
The biggest buyers in the UAE are from India, the UK, Italy, Russia and France.
Home finance applicants at Huspy receive market-leading mortgage rates, exclusive offers and other benefits. With the scale and volume of Huspy’s financing, customers and partners also receive exclusive mortgage rates not available anywhere else in the market. Over 90% of Huspy’s mortgage customers are approved for financing, a new benchmark for the industry.
Huspy aims to create a category-defining journey within a single platform, ensuring customers can find and finance their home faster and easier than ever. The company has identified $400 billion in GMV opportunities in the UAE and Spain, where it operates.
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. – arab trade news agency
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