Buying a home is a stressful process. Not only is it becoming increasingly difficult to find reasonably priced properties that are also attractive to live in, but the mortgage process, which most buyers have to go through, is time-consuming and full of potential traps. While the first problem won’t most likely be solved any time soon, there’s one Dubai-based startup that’s actively trying to address the second issue, and its name is Huspy.
Essentially, Huspy is an online mortgage platform that facilitates hassle-free financing for people who would like to live in Dubai. It was founded in August 2020 by chief executive officer Jad Antoun and chief technology officer Khalid Al Ashmawy, who understand the local market through first-hand experience.
“We started Huspy with the aim to disrupt one of the largest industries and bring the entire home loan process online. Customers are massively underserved where lack of visibility, poor customer experience, and overpayment are common problems. We want to solve for that,” said Antoun. “The team has built tools and systems to leverage technology in a highly operational business to give us the ability to provide customers with the best rates, faster mortgage close times and a great digital experience,” added Ashmawy.
Instead of having to wait up to 10 weeks to secure a mortgage, Huspy lets its users search over 500 home loan options in seconds to find the one that fits them the best. That way, it’s possible to get a personalized home loan three times faster and secure the best price possible. Best of all, Huspy doesn’t charge its users broker fees at all. Instead, it makes money by charging the banks a commission for every loan.
Huspy is available on iOS as well as Android, and you can download it yourself right now to see what it has to offer. The startup is backed by leading tech investors, including VentureFriends, B&Y Ventures, and Plug and Play, so you know your mortgage will be in good hands.
Abu Dhabi’s Hub71 To Help Climate Technology Startups
The initiative was announced at the COP28 summit and will help selected startups with a $200,000 cash injection and further incentives.
Hub71, Abu Dhabi’s global technology system, has launched a new initiative to support climate technology startups backed by several of the UAE’s largest public and private sector organizations.
A total of 342 startups have submitted applications so far, with the top companies being added to a shortlist that will be revealed shortly. Selected startups will receive Dh250,000 ($68,000) in incentives and an upfront cash support package of Dh250,000. In addition, the top performers of Hub71’s new initiative will also receive a top-up of up to Dh250,000 in exchange for additional equity.
Ahmad Alwan, deputy chief executive of Hub71, said: “This initiative aims to bring in different entities that have a shared mission towards climate tech […] Throughout the journey, we will support these companies, not only from being startups to becoming mature companies but also to facilitate their engagement with entities that would support them with access to capital, market, and talent”.
The Hub71+ ClimateTech ecosystem is backed by the Abu Dhabi National Energy Company and the National Central Cooling Company, who have each pledged Dh500,000 to the initiative as anchor partners.
They are joined by corporate partners, including Abu Dhabi holding company ADQ, Aldar Properties, sovereign wealth fund Mubadala, First Abu Dhabi Bank, Masdar City, and Dubai’s Emirates NBD. In addition, Siemens Energy is also onboard as an anchor partner.
So far, Hub71 has helped 260 member startups and created over 1,000 jobs, according to the organization’s website. In addition, it has collectively raised around Dh5 billion since its foundation in 2019.