London-HQed proptech Onedome is expanding its digital property purchasing platform after striking an acquisition deal to purchase CMME Mortgage and Protection, a UK-based mortgage brokerage.
OneDome's real estate marketplace is pitched as an end-to-end digital interface for buying a new home. It includes a property search engine as well as help finding a mortgage and wrapping up conveyancing.
Launched in late 2019, the platform competes with some of the more established UK real estate portals, like Rightmove and Zoopla.
Following the acquisition, OneDome will benefit from the strength of CMME's mortgage book, which includes £800 million in annual loans value.
The acquiree also has a £130 million wealth management subsidiary and a total of 65 employees who will be kept on after the acquisition.
The agreement marks OneDome's second acquisition since 2019.
In the year of its founding, the company bought a consumer comparison tool called Nethouseprice.com. The service was the first in the UK to provide official land registry data to help evaluate property prices.
OneDome has further plans to expand through M&A activity. It has launched negotiations with "several other target firms" and aims to have secured a 10% UK market share within five years.
Babek Ismayil, CEO of OneDome and a former JP Morgan senior vice president, commented: "The property market is one of the few areas which has experienced limited impact from technology. T
"The homebuying journey isn’t fit for purpose and has had little breakthrough innovation since the launch of classified websites like Rightmove in the early 2000s."
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