UAE proptech startup Huspy acquires Just Mortgages, Finance Lab

UAE proptech startup Huspy has announced the acquisition of two mortgage brokerages – Just Mortgages and Finance Lab.

The founders and employees of both businesses will join Huspy. The acquisitions will offer the company further reach and distribution in the local mortgage sector.

The announcement follows Huspy’s acquisition of Home Matters in January this year, to create the country’s largest home financing platform.

Read: UAE’s proptech Huspy acquires mortgage consultancy Home Matters

Creating unison with other players helps to enhance the processes of getting a mortgage with technology, as well as provides home buyers with financing offers, the company said in a statement. It also enables the startup to improve the home buying ecosystem in the region.

Ankit Shah, head of M&A, mortgages UAE, Huspy said, “I am excited to welcome Just Mortgages and Finance Lab to the Huspy family. Within the last 18 months of our cooperation, they not only proved to be knowledgeable business partners, but also reliable people 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.”

The UAE’s property market continues to witness promising demand with 25 per cent increase in sales in Q2 2022 with the country’s top buyers pouring in from India, the UK, Italy, Russia and France.

Huspy’s home financing applicants have access to mortgage rates, exclusive offers, and other benefits, while over 90 per cent of Huspy’s mortgage customers secure financing approval, the statement added.

In June 2022, Huspy raised one of the largest Series A rounds in the MENA region at $37m. The company’s investors include Sequoia Capital India, Founders Fund, Fifth Wall, Chimera Capital, Breyer Capital, VentureFriends, COTU, Venture Souq and BY Venture Partners.

Read more: UAE’s proptech Huspy receives $37m in Series A funding

The company announced at the time that it would use the funding in technological development, to double down on growth in the UAE and Spain, and expand across Europe.