Huspy, a United Arab Emirates (UAE) proptech startup, announced today the acquisition of UAE- and UK-focused mortgage consultancy Home Matters, according to a press release.
The acquisition is intended to create the largest home financing platform in the UAE, with over 150 team members and over $1 billion in gross merchandise value managed annually between the two companies.
Huspy states its simplified mortgage process enables customers to start the home financing process in 15 minutes, and that its wide array of offerings from multiple lenders creating time and cost savings.
Founded in 2006, Home Matters was the second largest home mortgage broker in the country prior to the acquisition. Due to the company’s proven track history, partner network and customer base in the UAE, two sales and marketing directors (Sawan Karia and Daniel Le Moeligou) will join Huspy’s leadership team.
“Today we are excited to announce the acquisition of Home Matters and advance our mission to make home financing seamless and more accessible than ever before. Home Matters’ decade-long experience will benefit Huspy, creating incredible opportunities and impact for us both,” Huspy co-founder and CEO Jad Antoun stated in the release.
“This acquisition further strengthens the leadership position of both entities, and with our partner network across the real estate and financial services industries, we remain the trusted choice for customers buying their dream home,” he said.
Moving forward Huspy says it will continue to focus on customer and partner network growth and technology development, and plans to expand its geographic market presence outside of the UAE and across Europe.
The news is notable considering the growing home mortgage market in the country’s capital, which has seen a 68% increase between the first and third quarters of 2021, according to Gulf Business.
Huspy has also been performing well in that time, achieving about 30% month-on-month growth since its founding in 2020. It also recently raised one of the largest-ever seed rounds in the MENA region, according to the release, with investors including COTU Ventures, Venture Friends, Venture Souq, Breyer Capital, B&Y and a number of family offices.
In other recent proptech news, Divvy Homes shook up its executive suite, tapping Blackstone for its new COO and promoting two team members to Chief Revenue Officer and Chief Product Officer. Unreserved also raised a $33.85 million seed round to further its real estate auction platform.