PHOTO
Dubai-based prop-tech start-up Huspy has acquired mortgage broker Home Matters to create an entity that will manage more than $1 billion in gross merchandise value (GMV), the company announced today (Thursday).
The online mortgage platform said the acquisition, for an undisclosed sum, will create a combined entity that will facilitate financing with a GMV of $1 billion in the UAE and Europe.
Going forward, Huspy, which aims to simplify the home financing process for its clients, will focus on expanding beyond the UAE and across Europe, a press release said.
Huspy has achieved around 30 percent growth month-on-month since it was established in 2020 and will employ 150 people once combined with Home Matters, which was founded 15 years ago.
The home mortgage market in Dubai grew by 68 percent between Q1 and Q3 2021.
Home Matters’ Sawan Karia and Daniel Le Moeligou will join Huspy’s leadership team and will be based in the UAE.
Huspy will now continue to focus on customer and partner network growth and technology development, in addition to widening its geographic presence beyond the UAE and across Europe, the company said.
In 2021, the company was reported to have raised one of the MENA region’s largest seed rounds, but the sum was undisclosed.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2022
