Najm Capital
Najm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting
3
K. Al Rashidi · Director
KR
Najm/Pipeline/Huspy
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Huspy

Private
Proptech / Mortgage·Growth Equity·$45M check·@ $0.3B
Matches thesisFinancial Services & FinTech·Partner owner: Sara Al Mazrouei
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Banker email
Khalid Al HammadiDirector, TMT Investment Banking · Arqaam Capital
[email protected]
Mar 18, 202610:15 AM
Subject: Huspy Series C — Exclusive Najm allocation available
Sara — Huspy is finalising its Series C and management have reserved a $45M allocation for Najm given your mandate across MENA fintech. The company has facilitated $2.1B in UAE mortgages and is now live in Saudi with a DLD-approved brokerage licence. Round closes end of April. I can arrange a call with Jad Antoun (CEO) this week.
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Executive summary

Huspy is the UAE's leading end-to-end digital mortgage platform, having facilitated $2.1B in home loans since founding in 2020. The company is the first proptech to secure an ADIB mortgage partnership at scale while simultaneously expanding its brokerage footprint into Saudi Arabia, targeting Riyadh and Jeddah in Q3 2026. At a $350M entry valuation, Najm is buying a 3x revenue-growth business with a defensible regulatory moat (DLD and SAMA approvals) at a material discount to comparable MENA fintech multiples. A $45M growth equity cheque funds the KSA build-out and positions Najm as lead strategic ahead of a likely 2028 regional IPO.

Company snapshot
Business model
Two-sided marketplace connecting UAE and Saudi homebuyers with mortgage lenders; monetises via origination fees (0.8–1.2% per loan) and a growing SaaS layer sold to bank partners.
Products
Digital mortgage origination platform · AI-powered affordability engine · Broker CRM SaaS · Real-estate listing integration
Geography + scale
UAE (primary — Abu Dhabi, Dubai) · Saudi Arabia (new — Riyadh, Jeddah launch Q3 2026)
People
Jad Antoun (CEO & Co-Founder, ex-Careem) · Khalil Aouad (CTO & Co-Founder, ex-Uber MENA) · Sara Hassan (CFO, ex-EFG Hermes)
Market
TAM + growth
GCC mortgage market $210B annually · UAE alone $28B · Saudi residential mortgage $48B with 30%+ CAGR post-Vision 2030 housing targets
Competitive set
Primary competition: Holo (UAE, smaller scale), Mortgage Finder (UAE, offline-heavy). No direct digital incumbent in Saudi. Banks lack the UX to compete on origination speed.
Tailwinds
UAE property prices +22% YoY · UAE homeownership target 66% by 2030 · Saudi Vision 2030 housing programme targeting 70% homeownership from 60% today · rising expat permanent residency uptake driving first-time buyer demand
Financial profile
Revenue
FY2025A revenue AED 92M (~$25M) · GMV $2.1B in mortgages facilitated cumulative
Growth
3x YoY revenue · loan volume doubling each year since 2022 · bank partner count grew from 4 to 11
Profitability
Gross margin 68% on origination fees · SaaS layer 85% GM · net loss AED 34M as company invests in Saudi
Unit economics
CAC $180 / borrower · LTV $2,100 over 3-year relationship · payback < 12 months
Deal structure
Round size
Series C total $95M · $45M Najm allocation
Valuation
$350M pre-money · 14x FY2025 revenue (below MENA fintech peer avg of 18x)
Security
Series C preferred with 1.0x non-participating liquidation preference
Co-investors
Sequoia Capital India (lead) · Founders Future · BECO Capital · Najm (strategic co-lead)
Thesis fit · Financial Services & FinTech
Regulatory moat in target geographyStrong
DLD-approved brokerage, ADIB mortgage partnership, SAMA provisional licence in KSA — three distinct regulatory approvals creating high barriers to new entrants.
Revenue trajectoryStrong
3x YoY revenue with clear path to $100M ARR by FY2027 on Saudi ramp.
Najm strategic angleStrong
Najm's Abu Dhabi network (ADIB, ADQ real-estate portfolio) directly accelerates Huspy's bank and developer partnerships.
Downside protectionPartial
1.0x non-participating preference acceptable at $350M entry; limited secondary liquidity until IPO window.
Profitability timelinePartial
Saudi investment extends path to profitability by 18 months; breakeven now FY2028E.
Risks + mitigants
UAE property cycle downturn could compress origination volume if rates stay elevatedMitigant: Saudi expansion diversifies geography; variable-rate product suite already in development with ADCB
Saudi licence is provisional — SAMA could require a separate JV structure, diluting economicsMitigant: Management has engaged Al Rajhi Bank as a Saudi anchor partner, which de-risks SAMA final approval
Bank disintermediation — UAE banks could build competing origination portalsMitigant: Banks have tried and failed; Huspy's UX NPS of 72 vs bank average of 31 creates a switching cost on the borrower side
Similar deals in playbook
Valon Mortgage (US)2024Watchlisted
Similar mortgage-SaaS architecture in the US. Passed at $2.2B — Valon's US servicing economics didn't translate to MENA. Huspy's origination model avoids the balance-sheet risk that constrained Valon.
Holo (UAE)2023Passed
Passed on Holo Series A at $40M valuation — product was advisory-heavy with no tech moat. Huspy now 8x larger on GMV with a proprietary stack.
Preliminary diligence items
1.Validate DLD brokerage licence scope — does it cover off-plan and secondary separately?
2.SAMA provisional licence review with UAE-qualified legal counsel (Al Tamimi recommended)
3.Reference calls: ADIB and ADCB mortgage heads on Huspy partnership economics
4.Jad Antoun references: 3 prior Careem colleagues + current board members
5.Sensitivity analysis on Saudi ramp assumptions — base, bear, bull cases on KSA mortgage market penetration
6.Cap table and ESOP waterfall review with corporate counsel
Deal progressionStage 4 of 6
InboundCIM received · initial parse
Quick LookMemo drafted · thesis match
Diligence scopingWorkstreams + owners defined
Diligence activeData room · expert calls · modelWith: Sara Al Mazrouei
IC memoDrafted → IC review
DecisionPursue · pass · watch
Co-investor set
Sequoia Capital India (lead)
Founders Future
BECO Capital
Structure

1.0x non-participating liquidation preference