TechMal, a specialist in residential rental financing solutions, has raised SAR 3.75 million ($1 million) in a pre-seed investment round led by Al Majdiah Investment and other investors.
Founded in 2024, TechMal is a microfinance company licensed by the Saudi Central Bank. The company aims to provide innovative financing solutions for the documented residential rental sector through the Ejar platform, allowing tenants to convert annual or semi-annual rental payments into manageable monthly installments.
On this milestone, TechMal Co-Founder Saud Abdullah Al-Rabdi remarked, “This investment round reflects a strong desire to invest in real estate financing in all its forms. We are proud to have strategic partners who support our approach in this sector.”
Bassel Saleh Al Suhaibani, Co-Founder of TechMal, added, “Our focus on the residential rental sector, coupled with the involvement of a leading real estate partner from our early stages, will enable us to address the sector’s needs in great detail.”
Nasser Abdulrahman Al Majed, CEO of Al Majdiah Investment, highlighted the significance of the partnership, stating, “The residential rental market is experiencing rapid growth in the Kingdom. With a platform like TechMal that facilitates monthly rent payments, tenants and landlords can enjoy safe, flexible options to meet their financial obligations. We are pleased to be part of this promising partnership.”
TechMal’s innovative approach and strategic partnerships position it as a key player in the evolving landscape of residential rental financing in Saudi Arabia.
- Saudi Arabia’s TechMal, a residential property rental financing solution, has raised a SAR 3.75 million (approximately $1 million) pre-seed funding round led by Al Majdiah Investment and other investors.
- Established in 2024, Tech Money aims to provide financing solutions for the residential rental sector documented through the Ejar platform by converting annual or semi-annual rental payments into monthly installments.
Source: WAYA
