Source: Wamda
Holo, the first online platform to provide free digital mortgage services in the Middle East, has announced a seven-figure seed round.
Investment in Holo’s latest funding round was led by Saudi-based Watheeq Proptech Venture and Hambro Perks Oryx Fund. New regional participation came from DFDF, Annex Investments, and Tawaref Angel Network.
The funding comes after a three-year period of sustained growth in the UAE market, and ahead of the business’ launch into the KSA market in 2023.
Michael Hunter, Co-Founder and CEO of Holo, said: “Since we launched in 2019, our mission has been to give aspiring homeowners fast and convenient access to free, unbiased mortgage advice and products; empowering customers to make the best decision for them. Our business is expanding but that mission hasn’t changed. We know that buying property is stressful for first-time buyers. We’ve set out to remove the headache by digitising the home-buying process and holding the customers’ hand until they get the keys, with transparent and accurate information, for free."
With over 25 years of experience in real estate finance in multinational mortgage companies in the region, Holo is uniquely positioned to provide not only a digital-first experience for customers but also a level of choice, service and expertise that is unrivalled.
As the business gears up to further growth across the UAE and in KSA, Holo has appointed Suha Alyami as General Manager for KSA. Alyami joins SABB as the former Head of Mortgage Business Development, and advisor to the CEO of ICD (Islamic Corporation for the Development of the Private Sector).
Hunter went on to add: “Customers and their home loan needs differ across the region as do processes. We know an out-of-the-box, one-size-fits-all approach won’t work so we are growing a team of specialists on the ground in KSA. Such expertise will help us to continue to lead with access to the best products, services and expertise we’ve become known for in the UAE, but in a way that is locally relevant to Saudi customers, trends in the local economy, and with products that are Sharia compliant."
Speaking about Holo’s growth through 2022, Arran Summerhill, Co-Founder and COO of Holo, said: “It might have been tempting for us to focus on aggressive customer acquisition at any cost, but instead we’ve focused on doing the right thing for customers and partners. We’ve taken the time to develop services and products that meet the market’s needs and focused on long-term and sustainable growth. The number of home loan applications we received in 2022 has continued to grow year on year and we’ve seen an increase of 280% in the loan value of applications in 2021. Our white-label solution Holo X is fast becoming the preferred digital solution of brokers, real estate agents and property developers because they know and trust that their clients are safe in our hands. We’re proud of that point of difference and are looking forward to bringing Holo to KSA as the first digital mortgage service in the country."
