OneDome acquires CMME Mortgages in quest to dominate the home buying space
OneDome, the Proptech company behind the world’s first eHomebuying platform, announces the acquisition of mortgage brokerage firm CMME Mortgage and Protection Limited.
OneDome, founded by Babek Ismayel, a former Senior Vice President at JP Morgan, has acquired all of the share capital of CMME Mortgage and Protection Limited from CMME Group, owned by a private equity firm Livingbridge. The deal is subject to receiving change in control approval from the FCA.
CMME Mortgage and Protection Limited is a well-established mortgage brokerage and financial services provider in the UK. It arranges £800m in mortgage value per year. As part of the transaction OneDome has also acquired CMME Group’s wealth management unit, Contractor Wealth Management Limited, a wealth management business with £130M of assets under management. CMME’s 65 strong team will join the OneDome Group as part of the transaction.
OneDome launched its property listing website in late 2019 as an alternative to rightmove.co.uk and zoopla.co.uk.
This acquisition will allow OneDome to significantly increase its mortgage brokerage capability to the benefit of its platform clients. OneDome has also partnered with several estate agents and housebuilders to provide their clients with property transaction management services via its unique and revolutionary eHomeBuying platform.
Buyers can utilise the eHomeBuying product to search for property, obtain a mortgage and process the entire conveyancing process all in one place digitally. Using OneDome’s eHomeBuying product can cut the property purchase time by around 70% – down to 5 to 6 weeks from a national average of 16 weeks.
This is the second acquisition by OneDome. In 2019 OneDome acquired a popular consumer website nethouseprices.com, the UK’s first website to make HM Land Registry transaction data more easily accessible to UK consumers.
Babek Ismayil, CEO of OneDome says: ‘The property market is one of the few areas which has experienced limited impact from technology. 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.
Our goal is to make home buying a faster, simpler and more enjoyable experience for everyone. We believe that our eHomebuying platform improves how we buy properties in the same way that e-commerce platforms changed how we shop. Our latest acquisition cements OneDome as the only true one-stop-shop for home buyers and sellers’.
OneDome are in discussions with several other target firms. Their 5 year goal is to service 10% of all property purchase and sales in the UK.