Urban Money Predicts $3Bn+ in Home Loans Sales for FY24

Urban Money, the fintech arm of Square Yards in India, expects to distribute more than $3.6 billion in home loans in the 12 months to March 2024—making it the largest mortgage marketplace in the country.

In a press release this week, Urban Money says its prediction represents more than double 2023's full-year figures of INR153 billion ($1.8bn) in FY22-23, accounting for 35% of Square Yards' total revenue in that period.

Urban Money said last year's figures included the facilitation of the disbursal of loans via banks and non-bank financial companies on the way to Square Yards recording revenue growth of 70% year-on-year for the Indian financial year ended March 2023:

Tanuj Shori, CEO at Square Yards, said:

"We identified this fundamental gap in 2019 and cracked this space in the last four years, emerging as the largest mortgage marketplace in the country."

Square Yards operates in India, Australia, Canada and the Gulf, while Urban Money is present in over 250 cities.

The firm clearly has a strong strategic focus on improving its digital capabilities, including a recent team-up with videogame developer Epic Games.

Meanwhile, Square Yards has filed no fewer than 18 international patent applications across the fields of virtual and augmented reality, extended reality, artificial intelligence and data applications as it seeks to strengthen its hold on intellectual property.