UAE PropTech start-up Huspy acquired Home Matters, a Dubai-based mortgage and property consultant, for an undisclosed sum.
The combined entity will manage more than $1 billion in gross merchandise value annually and employ more than 150 people, the companies said on Thursday.
Founded in 2020, Huspy aims to simplify the home financing process and home buying overall for its clients in the Emirates. It acts as a link between potential property buyers and banks and private lending companies.
The platform will find the mortgage plans that match users' needs, obtain pre-approvals from the banks and help to close the deals. The company has achieved a nearly 30 per cent month-on-month growth in the past year.
“Home Matters’ decade-long experience will benefit Huspy, creating incredible opportunities and impact for us both,” Jad Antoun, co-founder and chief executive of Huspy, said.
“This acquisition further strengthens the leadership position of both entities,” said Mr Antoun.
Following this acquisition, Huspy said it will “continue to focus on customer and partner network growth and technology development, in addition to widening its presence beyond the UAE and across Europe”. Currently, it is operational in the UAE and Spain.
Started in 2006, Home Matters offers customised mortgages to its customers from hundreds of options on the market. It intends to help its clients save money and reduce risk when they buy or refinance a property in the UAE.
It is a “perfect partnership to improve and serve the UAE mortgage market … we look to adopt best practices from both organisations to create an unmatched customer experience,” Sawan Karia, managing director of Home Matters, said.
The home mortgage market in Dubai has grown by 68 per cent between the first and the third quarter of last year, as a “result of efforts across the value chain to simplify financing and accelerate market growth”, according to Huspy.
The mortgage market in Dubai has bounced back. The number of completed mortgages recorded in Dubai doubled between the second half of 2020 and the first half of last year, according to an independent consultancy Mortgage Finder which did not disclose the exact figures.
Huspy and Home Matters will together provide customers with access to the largest network of home financiers and lenders in the UAE, the companies said.
The platform will provide real-time advice to home buyers.
In April, Huspy raised undisclosed seed funding in a round led by Athens-based Venture Friends. Other investors included Cotu Ventures, Venture Souq, Breyer Capital, B&Y and a number of family offices.