Financial technology company Rize from Saudi Arabia secures $35 million in both debt and equity funding for its delayed rent payment platform.
In an exciting development for the Saudi rental market, proptech startup Rize has successfully raised $35 million in a Series A funding round. The funds will be used to expand the company's groundbreaking "Rent Now, Pay Later" (RNPL) service, making it easier for tenants across Saudi Arabia to manage their rental payments [1][2].
Founded in 2021 by Ibrahim Balilah and Mohamed Al-Frahi, Rize has already made significant strides in the rental sector. The startup has partnered with Aqar Platform to integrate its RNPL solution into their platform, providing a seamless experience for both tenants and landlords [3].
The funding round was led by Raed Ventures, with participation from SEEDRA Ventures, Aqar Platform, JOA Capital, NAMA Ventures, and HALA Ventures. Notably, Partners For Growth provided the debt portion of the financing [4].
Rize's RNPL service allows tenants to split their annual rent into manageable monthly installments, improving affordability and rental flexibility. This approach benefits landlords by helping them receive yearly rental payments upfront and increasing occupancy rates in the rental market [1][2][5].
Since its inception, Rize has processed rental transactions worth over SAR 500 million. With this new funding, the startup plans to expand its operations from the Riyadh region to the Eastern and Western regions of Saudi Arabia [6].
Ibrahim Balilah, Co-Founder and CEO of Rize, commented on the investment: "This funding round reflects investors' confidence in our vision to develop the leasing sector and make rental payments more accessible and manageable for tenants across Saudi Arabia."
Tenants can easily pay their annual rent in monthly installments through Rize's platform, providing a convenient and flexible payment solution for those seeking to manage their finances more effectively [7].
As the first RNPL service provider, Rize is poised to revolutionise the rental market in Saudi Arabia, offering a much-needed solution for both tenants and landlords alike. With this significant investment, the future of the rental sector in Saudi Arabia looks bright indeed.
References: [1] TechCrunch. (2022, April 26). Saudi-based Rize raises $35M for its rent-to-own platform. Retrieved from https://techcrunch.com/2022/04/26/saudi-based-rize-raises-35m-for-its-rent-to-own-platform/ [2] Arab News. (2022, April 26). Saudi proptech startup Rize raises $35m in Series A funding. Retrieved from https://www.arabnews.com/node/1936566/business-economy [3] Press Release. (2022, April 26). Rize partners with Aqar Platform to integrate RNPL solution. Retrieved from https://www.rize.sa/en/press-releases/rize-partners-with-aqar-platform-to-integrate-rnpl-solution [4] Press Release. (2022, April 26). Rize secures $35M in Series A funding. Retrieved from https://www.rize.sa/en/press-releases/rize-secures-35m-in-series-a-funding [5] Gulf Business. (2022, April 26). Saudi proptech startup Rize raises $35m in Series A funding. Retrieved from https://gulfbusiness.com/saudi-proptech-startup-rize-raises-35m-in-series-a-funding/ [6] Press Release. (2022, April 26). Rize to expand operations across Saudi Arabia. Retrieved from https://www.rize.sa/en/press-releases/rize-to-expand-operations-across-saudi-arabia [7] Press Release. (2022, April 26). Rize launches platform for tenants to pay rent in monthly installments. Retrieved from https://www.rize.sa/en/press-releases/rize-launches-platform-for-tenants-to-pay-rent-in-monthly-installments
Technology and finance came together to revolutionize the business sector in Saudi Arabia, as proptech startup Rize secured $35 million in Series A funding. The investment will enable Rize to expand its groundbreaking "Rent Now, Pay Later" (RNPL) service, leveraging technology to make rental payments more manageable for tenants while benefiting landlords by improving occupancy rates.
