UAE FinPropTech Rentify Launches with $500k Pre-Seed to Digitize Rentals
UAE-based Rentify, a startup blending fintech and proptech solutions, has launched alongside securing $500,000 in pre-seed funding. With AED 1.5 billion in property value already signed up, Rentify aims to streamline the rental experience for landlords and tenants using a tech-first approach including flexible payments and AI.
Fixing Rental Market Friction
Rentify targets common inefficiencies in the rental market, such as reliance on cheques, complex tenant KYC, and fragmented communication. Its platform aims to bring transparency, efficiency, and convenience to these traditionally cumbersome processes.
Rentify's Tech-First Solution
Positioning itself as UAE's "smartest rental platform," Rentify utilizes technology to enhance the experience:
AI-Powered Platform: Employs AI for verification, automated rent collection, and predictive analytics.
Seamless Digital Experience: Offers digital agreements, minimal paperwork, real-time alerts, and direct landlord-tenant interaction features.
Flexible Payments: Introduces innovative options like "Rent Now, Pay Later" (RNPL).
Rewards Program: Incentivizes timely rent payments through Rentify Rewards.
Trust & Transparency: Focuses on verified users and secure transactions.
Rashed Hareb, Co-founder & CEO, emphasized the goal is to "eliminate the friction in the rental process, making it more seamless and rewarding."
Early Traction & Seed Funding
Rentify reports significant early interest with AED 1.5 billion (approx. USD $408 million) in property value already onboarded across Dubai, Abu Dhabi, and Sharjah. The $500,000 pre-seed funding, secured from an investor consortium, will fuel growth, platform enhancements, strategic partnerships, and the expansion of its rewards program.
About Rentify
Rentify is a UAE-based FinPropTech startup co-founded by Rashed Hareb (CEO) and Rajneel Kumar (COO). It aims to redefine the rental ecosystem through a tech-first, transparent approach, leveraging AI and digital solutions to simplify property rental management for landlords and tenants with features like automated collection, RNPL, and rewards.
Looking Ahead
With fresh pre-seed capital and significant early traction, Rentify is well-positioned to disrupt the UAE's rental market. Its focus on integrating fintech solutions like RNPL and rewards into property management addresses clear user needs and could drive significant adoption as the company scales.
Sources: Zawya