Saudi PropTech Ejari Secures New Funding to Expand Rent Now, Pay Later Service
The Saudi Arabian property technology company Ejari has successfully closed a new funding round to fuel its expansion across the Kingdom. The investment round was led by the global firm Partners for Growth and reflects strong investor confidence in the company's innovative business model and future vision.
Revolutionizing Rent Payments in the Kingdom
Ejari has successfully adapted the popular "Buy Now, Pay Later" (BNPL) model for the real estate sector, offering a "Rent Now, Pay Later" service. The company solves the common challenge of large upfront annual or semi-annual rent payments required by landlords. Ejari pays the full rent to the property owner in advance on behalf of the tenant, who can then repay the amount in convenient monthly installments.
Fueling Nationwide Expansion
Founded in 2022 and currently operating in Riyadh, Ejari has ambitious plans for growth. The new capital will be used to expand its services to various other regions across the Kingdom of Saudi Arabia, making its flexible payment solutions accessible to a wider audience of tenants and landlords.
Backed by Strategic Investors
The investment from Partners for Growth is a significant validation of Ejari's model. It comes at a time when the Saudi financial sector is undergoing a rapid transformation, driven by increased investment in financial technology and strong regulatory support from the Saudi Central Bank (SAMA). This environment creates a fertile ground for innovative companies like Ejari to thrive.
About Ejari
Ejari is a Saudi proptech company founded in 2022 and licensed by the General Real Estate Authority. Its core mission is to solve the financial friction in the rental market by offering a "Rent Now, Pay Later" service, which provides financial flexibility for tenants while ensuring timely, upfront payments for property owners.
The Intersection of PropTech and FinTech in Saudi Arabia
In a statement on the acquisition, Saud Al Sulaiman, CEO of Al Sulaiman Group, said, "We aspire to build a modern financing platform that provides smart and accessible solutions, supports individuals and entrepreneurs, and contributes to achieving the goals of Vision 2030.” The expansion of Taajer Finance beyond auto loans into personal, lifestyle, and SME financing is set to enhance entrepreneurship and financial inclusion in the Kingdom.
Looking Ahead
With this new funding, Ejari is poised to scale its operations significantly. By making the rental process more financially manageable, the company is not only addressing a key market need but is also contributing to the broader goals of Saudi Vision 2030 by enhancing the quality of life and supporting the development of a more dynamic real estate and fintech ecosystem.
Source: Jawlah