Huspy, a UAE proptech startup aiming to redefine the home buying experience in the region, today announced the acquisition of two 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 market leading financing offers. All of this brings the company closer to its ultimate goal of improving 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. We look forward to partnering with more like-minded market players in the future”.
Established in 2018, Just Mortgages was founded by Ramesh Khemani. The company’s team comprises numerous sector veterans with experience in closing deals for local and international home buyers in the UAE. “Joining Huspy is a dream come true. I can now be sure my extensive banking knowledge and experience are backed by the best technology and strong talent, combined with Jad’s unparalleled business vision. Together, we can scale and achieve better results for the clients and partners,” – shared Ramesh Khemani, founder of Just Mortgages.
Finance Lab was founded in 2020 by Manish Bhagnari, a financial services veteran with two decades of banking experience. With a vast network of partners in the UAE, Finance Lab has long-standing banking partnerships to support property financing. “My banking experience across various functions and roles has helped build the foundation for what I’ve achieved to date. We’ve been working closely with Huspy for the past 18 months and have witnessed phenomenal growth. This partnership will allow us to further accelerate our business and add more value to our clients and partners. I’m certain that this deal will help other market players initiate the discussion for consolidation and provide further confidence to partner with Huspy,” – commented Manish Bhagnari, CEO & Founder of Finance Lab.
The UAE’s multi-billion dollar property market continues to witness record breaking demand with 25% increase in sales in Q2 2022. The top buyers in the UAE come from India, the United Kingdom, Italy, Russia and France.
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% of Huspy’s mortgage customers secure financing approval, a new benchmark for the industry.
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 opportunity of $400 billion 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. The company’s investors include Sequoia Capital India, Founders Fund, Fifth Wall, Chimera Capital, Breyer Capital, VentureFriends, COTU, Venture Souq and BY Venture Partners.
