UAE-based proptech startup Huspy has announced acquisition of two mortgage brokerages – Just Mortgages and Finance Lab.
The founders and employees of both businesses will join Huspy.
The latest acquisition deals follow Huspy’s buying out Home Matters in January this year, a move that put the company in a leading position in the mortgage sector in UAE.
Ankit Shah, head of M&A, mortgages at Huspy said the addition of the two businesses would create further benefits for home buyers in the UAE and build on the experience that Huspy was recognised for.
“We look forward to partnering with more like-minded market players in the future,” Shah said.
Established in 2018, Just Mortgages was founded by Ramesh Khemani, while Finance Lab was founded in 2020 by Manish Bhagnari, a financial services veteran with two decades of banking experience.
“Joining Huspy was a dream come true. I can now be sure my extensive banking knowledge and experience are backed by the best technology and strong talent, combined with Jad’s unparalleled business vision,” Ramesh Khemani, founder of Just Mortgages, said.
“Together, we can scale and achieve better results for the clients and partners,” he added.
Finance Lab has long-standing banking partnerships to support property financing, with a vast network of partners in the UAE.
“My banking experience across various functions and roles has helped build the foundation for what I’ve achieved to date. We’ve been working closely with Huspy for the past 18 months and have witnessed phenomenal growth. This partnership will allow us to further accelerate our business and add more value to our clients and partners,” Manish Bhagnari, CEO and founder of Finance Lab, said.
“I’m certain that this deal will help other market players initiate the discussion for consolidation and provide further confidence to partner with Huspy,” he said.
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