United Arab Emirates (UAE)-based PropTech platform Huspy has closed acquisition deals for mortgage brokers Just Mortgages and Finance Lab, as the startup strives to improve the home-buying ecosystem in the region and cement its position as a leader in the mortgage business.
The founders and employees of both Just Mortgages and Finance Lab will join Huspy, though financial terms of the deals were not disclosed, according to a blog post Tuesday (Aug. 23).
“I am excited to welcome Just Mortgages and Finance Lab to the Huspy family,” said Ankit Shah, head of M&A, Mortgages UAE. “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 recognized for. We look forward to partnering with more like-minded market players in the future.”
With a 25% increase in sales in the second quarter of 2022, the property market in the UAE is flooded with high demand, with top buyers coming from India, the United Kingdom, Italy, Russia and France, according to the blog post. The post also noted that over 90% of Huspy’s mortgage customers are approved for financing.
Headquartered in Dubai and founded in 2018 by Managing Partner Ramesh Khemani, Just Mortgages is an independent mortgage consultancy in the UAE. Khemani said that joining Huspy “is a dream come true,” adding, “I can now be sure my extensive banking knowledge and experience are backed by the best technology and strong talent.”
Meanwhile, Finance Lab was founded in 2020 by CEO Manish Bhagnari, a financial services veteran with two decades of banking experience.
“My banking experience across various functions and roles has helped build the foundation for what I’ve achieved to date,” Bhagnari said. “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.”
In January, Huspy also acquired Home Matters, and in June, it raised $37 million in a Series A funding round led by Sequoia Capital India.
The fresh capital was earmarked for technology development and growth in the UAE, Spain and across Europe, PYMNTS reported at the time.
For all PYMNTS EMEA coverage, subscribe to the daily EMEA Newsletter.
PARTNER WITH PYMNTS