Saudi-based fintech platform, Ejari announce the closing of a $14.65mn (SAR 55 million) seed financing round led by PFG and BECO Capital with the participation of anb seed, Alinma Bank (Alinma Pay), Rua Ventures, Vision Ventures and Aqar platform, Saudi’s leading property listing platform along with the participation of existing investors Salica Oryx Fund.
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The round is a mix of debt and equity with the debt provided from California-based Partners for Growth. While the participation of our key investor Alinma Bank coming through the investment technology arm Alinma Pay.
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With this new investment, Ejari poised to enhance our technology, expand its 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.
Ejari Co-Founder and CEO Yazeed Alshamsi commented: “We’ve assembled a top-tier group of capital providers on both the equity and debt sides, featuring investors that include leading VCs from Saudi Arabia, the region, and internationally, along with two VC funds associated with Saudi banks and Saudi’s largest real estate marketplace along with our existing investors Salica Oryx Fund.”
This funding will enable us to increase our market share within the residential RNPL product, enhance product and service offerings along with solidifying our position as the leading residential Rent Now, Pay Later player in Saudi Arabia.
Al-Shamsi further highlighted the strong growth prospects in Saudi Arabia’s real estate sector: “Recent announcements such as the 2030 Riyadh Expo, the 2034 World Cup, and initiatives under Vision 2030, like the Ministry of Investment’s Regional HQ program, are set to drive significant demand for our RNPL service and the broader real estate market. These developments, combined with favorable macroeconomic trends such as increased foreign investment, economic diversification, and population growth, will create substantial opportunities for sustained growth in the sector.”
Ejari 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.
“We are delighted to announce our partnership with Ejari, marking another investment by anbseed. This investment is more than a financial commitment; it’s a pledge to accelerate theKingdom’s economic diversification through technological innovation and create a more inclusive economy, thereby enhancing the quality of life for Saudi citizens in accordance with the objectives of Vision 2030. We are shaping a future where financial accessibility and innovation go hand in hand, propelling Saudi Arabia towards even greater growth and prosperity.”
Kais Al-Essa, the Founding Partner and CEO of Vision Ventures commented: “We are always interested in technologies and services that make people’s lives easier. Ejari’s solution provides people with an easy way to pay rental of properties while enabling them to acquire better properties than they were previously able to afford. Ejari’s founding team had a deep understanding of the market and its trends as well as Ejari’s role going forwards. We are glad to back Ejari’s founders and expect them to achieve great results.”
Abdulaziz Shikh Al Sagha, General Partner at BECO Capital, commented: “We’re excited to support Ejari in providing much-needed flexible rental payment options in Saudi Arabia. The founding team’s strong expertise and clear vision make them exceptionally well-positioned to drive meaningful impact in the market and we look forward to working closely with them as they continue to scale.”
Armineh Baghoomian, Head of Europe, Middle East and Africa and Co-Head of Global ABL/Fintech from Partners for Growth (PFG), a private credit provider commented: “PFG is pleased to support Ejari by providing structured, asset-backed credit as they deliver an in-demand rent-now-pay-later product in Saudi Arabia, not just today but as they continue to scale and grow.
About Ejari
Founded in 2022 by Yazeed Al-Shamsi, Fahad Albedah, Mohammed Alkhelewy and Khalid Almunif and based out of Riyadh, Ejari is the financial services platform on a mission to make renting a home more affordable and flexible. Ejari decreases the financial burden of moving into a new home and offers greater flexibility with how and when to pay rent.
Typically, landlords in Saudi Arabia require a 1 year or 6 month upfront payment for renting a home. with our Rent Now, Pay Later solution, we allow tenants to pay their rent monthly, while still allowing landlords to receive a full year’s rent upfront.
