Ejari, the Saudi Arabian Rent Now, Pay Later (RNPL) platform, has achieved a significant milestone by successfully closing a $14.65mn seed financing round. This round was led by PFG and BECO Capital, with the participation of anb seed, Alinma Bank (Alinma Pay), Rua Ventures, Vision Ventures, and Aqar platform, Salica Oryx Fund.
The round is a mix of debt and equity, with the debt provided by California-based Partners for Growth. Ejari’s key investor, Alinma Bank, participated through its investment technology arm Alinma Pay.
The company said in a statement that with this new investment, we’re poised to enhance our technology, expand our product offerings, and deliver exceptional value to our clients. Our mission is to democratize access to the rental market and lower barriers for tenants, and this funding brings us closer to that goal. We are deeply grateful for the trust our investors have placed in us and are excited about the future.
It further stated, “Our unique Rent Now, Pay Later (RNPL) solution addressed to the Saudi real estate rental market where an estimated +70% of rentals are paid on an annual or bi-annual basis, addressing the need for more flexible payment options. In less than a year since launching, we’ve received over $30mn in demand for our RNPL service and today operate in 17 cities across 8 regions in Saudi Arabia.”
This funding will enable Ejari to increase its market share within the residential RNPL product, and also enable the company to enhance the product and service offerings along with solidifying its position as the leading residential Rent Now, Pay Later player in Saudi Arabia.
