Dubai-based proptech start-up Huspy has acquired mortgage brokers Just Mortgages and Finance Lab as property prices in the emirate continue to grow.
The company, which offers both property search and home finance services, said employees and founders of both businesses will join Huspy staff, helping the company achieve its goal of enhancing the home finance process in the UAE through technology.
Ankit Shah, Huspy’s head of M&A, Mortgages UAE, hinted at more acquisitions to come.
He said: “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. We look forward to partnering with more like-minded market players in the future.”
All three companies are new players in the market, with Just Mortgages founded in 2018, while Finance Lab and Huspy were both founded in 2020.
Huspy acquired another mortgage broker, Home Matters, in January, and completed a $37 million Series A fundraising round in in June.
Dubai recorded annual property sales price increases of 8.7% for apartments and 17.8% for villas, according to real estate services company CBRE.
(Writing by Imogen Lillywhite; editing by Daniel Luiz)