RIYADH: Expanding to Saudi Arabia is the “natural next step” for property tech startup Holo as the Kingdom seeks to increase home ownership, the firm’s CEO has told Arab News.
Michael Hunter, head of the UAE-based firm, is set to see his company expand its operations into the Kingdom, positioning itself to contribute to the ambitious housing and digital transformation goals outlined in Saudi Vision 2030.
The initiative aims to raise the country’s homeownership rate from 47 percent to 70 percent by 2030, a target that aligns well with Holo’s mission of delivering fast, transparent, and efficient mortgage solutions.
Hunter described Saudi Arabia as a “natural next step” for the company’s expansion, given the nation’s young, growing population and the flourishing real estate market.
“The Saudi Vision 2030, which aims to increase homeownership rates to 70 percent, presents a significant opportunity for Holo to contribute to this national goal,” Hunter told Arab News in an interview.
Expansion into Saudi Arabia
Despite the growth opportunities, Hunter acknowledges challenges in the Saudi market, particularly around market maturity and the regulatory landscape.
The current process of securing a home loan in the Kingdom, like in other markets, can be time-consuming. To address this, Holo will introduce its technology-driven platform, which delivers multiple mortgage options to consumers within days, significantly speeding up the loan comparison process.
“That is where Holo will step in, presenting a solution that directly addresses this issue by providing a rapid, transparent, and efficient platform,” said Hunter.
The company plans to leverage strategic partnerships and its technology to navigate these challenges and deliver value to Saudi consumers.
In adapting to the Saudi market, Holo plans to utilize the Kingdom’s advanced banking infrastructure to enable seamless integration and direct application processing for its customers.
“Saudi Arabia presents a unique opportunity to enable seamless integration and direct application processing for our customers within minutes,” Hunter said, highlighting a key advantage over other markets.
Holo also aims to introduce white-label solutions and offer artificial intelligence and machine learning tools to banking partners, further strengthening its market position and enhancing the value provided to financial institutions.
Hunter emphasized that Holo’s expansion into Saudi Arabia is not just about market entry but about aligning with the broader goals of Vision 2030.
“Our commitment extends beyond simply entering the Saudi market. We aim to deliver exceptional value to both consumers and financial institutions by offering a superior customer experience, optimizing banking processes, and adhering to global regulatory standards,” he said.
Impact and goals
Holo’s goal is to empower Saudi citizens to buy their own property, supporting the national objective of increased homeownership while contributing to the Kingdom’s digital infrastructure development in the real estate sector.
Holo’s online mortgage services aim to revamp the traditional home-buying process by offering a streamlined, user-friendly platform that connects borrowers with multiple lenders simultaneously.
According to Hunter, the platform’s efficiency lies in its ability to provide instant access to a wide range of mortgage options, allowing customers to compare interest rates, terms, and fees side-by-side in real-time.
“Unlike traditional methods, which often involve time-consuming paperwork and multiple interactions, Holo significantly reduces processing times and provides real-time updates throughout the journey,” Hunter explained.
In a new market like Saudi Arabia, ensuring the security and privacy of users’ data is a priority for Holo.
Hunter emphasized that the company adheres to strict cybersecurity standards and local regulations to protect user information at every stage of the digital mortgage process.
“We ensure that our users’ privacy is protected at every stage of the digital mortgage process,” he said, adding that Holo’s approach to security is consistent across all markets in which it operates.
As the company aims to expand globally, technology remains at the core of its operations, driving innovation in mortgage lending, which is traditionally a complex financial product.
Hunter emphasized the company’s focus on open finance and seamless integrations as it continues to evolve.
“Technology is our cornerstone for streamlining mortgage lending,” he said.
Looking forward, Holo aims to make the user experience even more fluid and efficient, leveraging technology to meet the needs of customers worldwide.
“We envision a home buying experience that is enjoyable and stress-free,” Hunter said, adding that through strong partnerships with key stakeholders, Holo plans to create a unified home-buying journey that benefits all participants.
“By year-end, we aim to process a significant volume of mortgage transactions and build a reputation for exceptional customer satisfaction,” the CEO added.
The company also plans to forge strategic partnerships to enhance its service offerings and adapt to the specific needs of the Saudi market. Building trust and credibility with new customers will be a priority for Holo, especially given the different cultural and economic landscape.
According to Hunter, this will involve a multi-faceted approach that emphasizes transparency, reliability, and exceptional customer service. “Early adopters will play a crucial role in shaping our brand and influencing future customers through their positive experiences,” he said.
Fundamentals
Hunter launched the company after more than a decade of experience in the banking and mortgage sectors across the MENA region.
Having witnessed the fragmented and often confusing nature of the traditional home buying process, Hunter saw an opportunity to address these inefficiencies.
“The process lacked momentum and clarity on costs,” Hunter explained. Inspired by innovations in more established markets, he and his team recognized a chance to leverage their local expertise and technology to streamline the mortgage experience for UAE homebuyers.
Holo aims to solve key problems in the home ownership and mortgage process, which are often complex, time-consuming, and lacking in transparency due to the involvement of multiple stakeholders.
According to Hunter, Holo simplifies this by offering a digital platform that provides instant access to a wide range of mortgage options, allowing users to easily compare offers from multiple banks.
“We empower homebuyers to easily compare offers from multiple banks and complete online applications with ease, significantly simplifying the entire process,” Hunter said. By centralizing these functions, Holo not only reduces the complexity but also brings greater transparency to the associated costs and terms, helping users make informed decisions quickly.
Since its launch in 2020 as part of the Wamda accelerator program in the UAE, Holo has achieved rapid growth.
The company scaled quickly, building a team of 60 professionals across the MENA region and processing a monthly mortgage volume of 600 million dirhams ($163.3 million) in the UAE alone.
Hunter highlighted that the COVID-19 pandemic further underscored the need for convenient, digital home buying solutions, which accelerated the company’s momentum.
“We prioritize capital efficiency and sustainable growth, allowing us to scale rapidly while maintaining our core values. With recent investments, we are excited to accelerate our expansion plans while staying true to our mission of democratizing home finance,” Hunter said.
Hunter’s insights
Reflecting on Holo’s journey so far, the CEO shared that the key lesson learned has been the critical value of customer feedback.
“By actively listening to our clients, we’ve uncovered key insights into the nuances and pain points of the home buying process,” he said, noting that this customer-centric approach has been crucial in refining Holo’s services to meet evolving needs.
As the company enters new markets, maintaining this feedback loop will be essential to ensuring that its solutions remain relevant and impactful across diverse real estate landscapes.
For other entrepreneurs looking to expand internationally, Hunter’s advice is clear: “Solidify your foundation before expanding.”
He went on: “Ensure your business in your home territory is robust and defensible. International expansion demands full commitment— it’s not a side project.”
For Holo, a strong presence in the UAE with solid unit economics has been a key enabler of its expansion plans. Only when a company’s core business is thriving, Hunter emphasized, should it consider moving into new markets.
Looking ahead, Hunter envisions Holo becoming a leading digital mortgage platform across the Middle East, North Africa, and Turkiye region within the next five years.
“Our primary focus will be on expanding our footprint and solidifying our market position in emerging markets,” he said.
Holo aims to be the preferred choice for both consumers and financial institutions seeking efficient and transparent mortgage solutions, driving innovation and growth across these territories.
