Riyadh, Saudi Arabia – October 9, 2024: Ejari, a pioneering fintech platform in Saudi Arabia’s real estate sector, has announced the successful closing of a $14.65 million (SAR 55 million) seed financing round. The round was led by Partners for Growth (PFG) and BECO Capital, with notable participation from anb seed, Alinma Pay (the investment arm of Alinma Bank), Rua Ventures, Vision Ventures, and Aqar, Saudi Arabia’s leading property listing platform. Existing investor Salica Oryx Fund also took part in the round, which includes a mix of debt and equity financing. The debt was provided by California-based PFG.
This significant investment will allow Ejari to further enhance its technology, expand product offerings, and deliver even greater value to its growing customer base. With a mission to democratize access to the rental market and provide more flexible payment options for tenants, the company aims to lower barriers for renters across the kingdom.
“We are deeply grateful for the trust our investors have placed in us and excited about the future,” said Ejari’s CEO. “This funding brings us closer to achieving our goal of offering innovative solutions that benefit both landlords and tenants, making renting more accessible.”
At the heart of Ejari’s offering is its Rent Now, Pay Later (RNPL) solution, which is designed to meet the growing demand for more flexible rental payment options in Saudi Arabia. Currently, over 70% of rentals in the kingdom are paid on an annual or bi-annual basis. Ejari’s RNPL model allows tenants to break up these payments into manageable installments, providing a much-needed alternative in the Saudi rental market.
Since launching its RNPL service less than a year ago, Ejari has already received over $30 million in demand and now operates in 17 cities across 8 regions in Saudi Arabia. The new funding will enable Ejari to increase its market share within the residential RNPL segment, further enhance its product and service offerings, and solidify its position as the leading player in the Saudi market.
The participation of Alinma Bank’s investment technology arm, Alinma Pay, highlights the growing interest in innovative fintech solutions within the real estate sector, while the backing from Saudi’s prominent property listing platform, Aqar, underscores Ejari’s strong market position and growth potential.
With this new injection of capital, Ejari is well-positioned to continue its rapid expansion and make renting more accessible and convenient for both landlords and tenants throughout the Kingdom.
