Dubai fintech Huspy buys out Just Mortgages, Finance Lab to widen mortgage services base
Acquiring Just Mortgages and Finance Lab adds more coverage for proptech firm
Dubai: The Dubai-based mortgage services fintech Huspy has acquired two brokerage firms – Just Mortgages and Finance Lab – to expand its presence in the space. This is the third such buyout for Huspy this year, after Home Matters in January.
On the latest buys, the company has put to use the $37 million raised in June through a Series A round, which brought in Sequoia Capital India and Abu Dhabi based Chimera Capital on board.
“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,” said Ankit Shah, Head of M&A, Mortgages UAE. “We look forward to partnering with more like-minded market players in the future".
'Uniting players within Huspy' helps with the process of picking up a mortgage with tech support, as well as 'provide home buyers with market-leading financing offers'.
Go beyond connecting
Online mortgage services have expanded within the UAE property landscape, helping a new generation of buyers tap into available options out there. Beyond connecting a potential buyer with a lender, Huspy’s latest buys suggest the portal wants to do much more than that.
Finance Lab was founded in 2020 by Manish Bhagnari, who has had two decades of banking experience. The firm has ‘long-standing banking partnerships’ to support property financing. "We've been working closely with Huspy for the past 18 months and have witnessed phenomenal growth,” said Bhagnari. “I'm certain that this deal will help other market players initiate the discussion for consolidation and provide further confidence to partner with Huspy,"
It’s interesting that the consolidation talk is happening at a time when mortgage rates in the UAE have shot up after two successive 0.75 per cent rate hikes. This had led to concerns that end-user buyers – who typically need mortgage support – might delay their purchases.
Huspy’s efforts will thus be on convincing these buyers that the right deals are still there. “Customers and partners also have access to exclusive mortgage rates that are unavailable elsewhere on the market,” said a statement. “Over 90 per cent of Huspy’s mortgage customers secure financing approval, a new benchmark for the industry.”