Huspy, a UAE proptech startup, has announced the acquisition of two of the region’s mortgage brokerages – Just Mortgages and Finance Lab. The founders and employees of both businesses are now set to 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 UAE’s mortgage sector, as well as bringing the company closer to its ultimate goal of improving the finance ecosystem for home-buyers in the region.
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.
He said: “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 and we can reap the rewards of increased scale”.
Finance Lab was founded in 2020 by Manish Bhagnari, a financial services veteran with two decades of banking experience. He commented:
“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.”
The UAE’s multi-billion dollar property market continues to witness record breaking demand with 25% increase in sales in Q2 2022.
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. 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.