UAE-based proptech start-up, Huspy, recently acquired two mortgage brokerages – Finance Lab and Just Mortgages. This comes as Huspy strives to transform the process of buying homes in the UAE.
These acquisitions enable enhanced distribution and reach for Huspy in the UAE mortgage industry. But equally, Huspy will benefit from the skills, experience, and expertise of the two acquired founders and their employees who are also joining the team at Huspy.
Huspy now has significant benefits through bringing key stakeholders together internally. Not only can they maximize their ability to successfully leverage technology to secure mortgages. But they can also offer the best financial solutions in the market for people wishing to buy a home.
HOW THE NEWLY ACQUIRED FIRMS WILL BENEFIT HUSPY
Founded in 2020, Finance Lab has strong banking connections in the UAE to help facilitate property financing, thanks to its extensive network of partners. The founder of Finance LAB, Manish Bhagnari, also brings to the table two decades of experience in banking and is an expert in the financial services industry.
The acquisition of Finance Lab will now make it easier for Huspy to secure favorable financing deals with banks. This will therefore further aid the speed and convenience of house financing for customers in the UAE.
Just Mortgages was founded in 2018 by Ramesh Khemani. The company’s workforce includes several industry experts who have closed deals for both local and foreign house purchasers in the UAE.
Huspy’s acquisition of Just Mortgages will enhance its ability to successfully close real estate deals for its customers. This will come through leveraging the proven experience of industry experts to close deals that Just Mortgages has at its disposal.
By acquiring both firms, Huspy will aim to create an enhanced customer experience within their goal of building a stand-out business. A business as such that provides a single platform where customers can locate and finance houses more conveniently and at a greater speed than they can anywhere else.
HOW HUSPY IS MAKING A DIFFERENCE IN THE UAE REAL ESTATE MARKET
The innovative model and technology at the center of Huspy’s operations are helping to transform the UAE’s real estate market. It’s doing so through creating a seamless process that reinvents how houses are purchased in the UAE for the better.
To further realize this goal, Huspy raised a $37 million Series A funding round in June 2022. This is one of the largest Series A rounds within the MENA region. The company is well backed by some of the most recognizable venture partners and investment firms in the world. These include Sequoia Capital India, Founders Fund, Fifth Wall, Chimera Capital, Breyer Capital, VentureFriends, COTU, Venture Souq, and BY Venture Partners.