Financial technology company Rize from Saudi Arabia secures $35 million in debt and equity funding for its 'rent-now, pay later' platform
Saudi Arabian Proptech Startup Rize Raises $35 Million to Revolutionize the Leasing Sector
Rize, a Saudi-based proptech startup, has secured $35 million in a Series A funding round, led by Raed Ventures. This investment will propel Rize's expansion plans, focusing on integrating its innovative 'Rent Now, Pay Later' (RNPL) product into various real estate platforms, starting with Aqar Platform.
As the first 'Rent Now, Pay Later' service provider, Rize is set to transform the rental experience within Saudi Arabia's real estate market. By partnering with Aqar, tenants on the platform will now have the option to pay their annual rent in flexible monthly installments, enhancing the leasing process.
Ibrahim Balilah, Co-Founder and CEO of Rize, expressed his gratitude for the investment, stating that it reflects investor confidence in their vision to develop the leasing sector. Since its inception in 2021, Rize has processed rental transactions worth over SAR 500 million.
The funding round includes both equity and debt financing, with Partners For Growth providing the debt portion. Omar Al-Majdouie, Co-Founder at Raed Ventures, believes Rize has the ability to bring about transformative change in the real estate leasing sector.
Rize's future growth strategy emphasizes deepening integration with real estate platforms like Aqar to expand user access to RNPL, scaling within the Kingdom of Saudi Arabia to capture more of the leasing market, continuing innovation in the rental payment space to redefine rental standards, and leveraging the confidence and support of top-tier local and international investors to sustain growth momentum.
This strategy reflects Rize’s vision to reshape the leasing sector by improving flexibility for tenants and digitizing leasing processes, positioning Saudi Arabia as a leading tech hub in the region. With its innovative approach, Rize is poised to revolutionize the rental market, making it more accessible and flexible for tenants across the Kingdom.
[1] Source: Rize Press Release [3] Source: Aqar Platform Press Release [5] Source: Raed Ventures Press Release
- With the $35 million funding, Rize aims to integrate its 'Rent Now, Pay Later' product into more business platforms, utilizing technology to revolutionize the leasing sector and improve flexibility for tenants.
- By partnering with various finance and technology entities, Rize's future growth strategy encompasses scaling within the Kingdom, continuing innovation in the rental payment space, and leveraging technology to digitize leasing processes, thereby positioning Saudi Arabia as a leading tech hub in the region.
