UAE-Based Proptech Huspy Acquires Two Brokerage Platforms
By acquiring Just Mortgages and Finance Lab, Huspy aims to further provide home buyers with leading financial offers and support them in getting mortgages with technology.
Huspy, a UAE-based proptech startup, has announced the acquisition of two mortgage brokerages, Just Mortgages and Finance Lab, to increase the startup’s reach and distribution in the UAE’s mortgage sector. The two deals follow Huspy’s acquisition of Home Matters in January this year.
By acquiring these companies, Huspy aims to further provide home buyers with leading financial offers and support them in getting mortgages with technology. According to the startup, the UAE is a multi-billion property market that is growing rapidly, with 25% increase in sales in Q2 2022 alone.
“I am excited to welcome Just Mortgages and Finance Lab to the Huspy family,” Ankit Shah, Head of M&A, Mortgages UAE at Huspy, tells StartupScene. “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."
Huspy’s home financing applicants have access to a wide ride of services and offers, including access to exclusive mortgage rates, promotional offers, and other benefits. Over 90% of Huspy’s mortgage customers secure financing approval, according to the startup.
In June 2022, Huspy raised $37 million in Series A, making it one of the largest rounds of funding in the MENA region.
While VC activity in MENA’s proptech sector has been relatively slow over the years, raising about $294 million since 2009, according to data from Crunchbase, startups with disruptive technologies have lately been making headway in this space. In H1 2022, UAE’s Houza raised $5.5 in a pre-Series A round, Egypt’s Nawy raised $5 million seed round, and Saudi Arabia’s Deal App raised $2.24 million in a pre-Series A round.