UAE-headquartered proptech start-up Huspy has acquired rival Dubai-based mortgage and property consultant Home Matters for an undisclosed sum.
In a statement, Huspy said that the tie-up would manage more than $1 billion U.S. each year in gross merchandise value and employ more than 150 people, making it the country’s largest home financing platform.
Home Matters’ Sawan Karia and Daniel Le Moeligou will both join Huspy’s leadership team and will be based in the UAE.
Before its acquisition, Home Matters was the second largest home mortgage broker in the Emirates, having operated in the UAE market for more than 15 years.
“Today we advance our mission to make home financing seamless and more accessible than ever before,” said Jad Antoun, co-founder and CEO of Huspy. “Home Matters’ decade-long experience will benefit Huspy, creating incredible opportunities and impact for us both. This acquisition further strengthens the leadership position of both entities, and with our partner network across the real estate and financial services industries.”
Huspy said that following the acquisition it would widen its geographic presence “beyond the UAE and across Europe,” as well as continuing to focus on growing its network of customers and partners and developing its technology.
Launched in August 2020 by Antoun and CTO Khalid Ashmawy, the company offers customers home financing with no paperwork involved. Through its web and app-based platform, it promises customers a quote with the best price guarantee in under one minute and the ability to close the transaction three times faster than the traditional process.
In April 2021, Huspy announced that it had raised a funding round led by Venture Friends, with participation from COTU Ventures, Venture Souq, Breyer Capital, B&Y and a number of family offices.