Ejari, a Saudi-based property technology (prop-tech) and fintech platform offering a Rent Now, Pay Later (RNPL) solution, closed a $14.65 million (SAR 55 million) Seed round led by Partners for Growth (PFG), BECO Capital, anb seed, Rua Ventures, Alinma Bank (Alinma Pay), Vision Ventures and Aqar platform, Saudi Arabia’s leading property listing platform. The round also saw the participation of existing investors Salica Oryx Fund and several angel investors also participating. The round is a mix of debt and equity, with the debt provided from California-based Partners for Growth. While the participation of key investor Alinma Bank came through the investment technology arm Alinma Pay.
Founded in 2022 by Yazeed Al-Shamsi, Fahad Albedah, Mohammed Alkhelewy and Khalid Almunif and based out of Riyadh, Ejari provides a unique Rent Now, Pay Later (RNPL) solution for the Saudi real estate rental market where an estimated +70% of rentals are paid on an annual or biannual basis, addressing the need for more flexible payment options in the Saudi market.
The platform offers much-needed flexibility to tenants, creating a shift in how rental payments are structured. In less than a year, Ejari has generated over $30 million in demand for its RNPL service and now operates in 17 cities across 8 regions in Saudi Arabia.
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 Arabia’s largest real estate marketplace, along with our existing investor, Salica Oryx Fund. This marks a major milestone in our journey to transform the Saudi rental market. With this new investment, we’re poised to enhance our technology, expand our product offerings, and deliver exceptional value to our clients. Our mission is to democratise 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.”
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 programme, are set to drive significant demand for our RNPL service and the broader real estate market. These developments, combined with favourable macroeconomic trends such as increased foreign investment, economic diversification, and population growth, will create substantial opportunities for sustained growth in the sector.”
This new capital will allow Ejari to strengthen its market share within the residential RNPL space, enhance its product and service offerings, and solidify its position as the leading player in the Saudi rental market’s growing RNPL segment.
Khalid S. Al-Ghamdi, CEO of anb Capital, stated, “We are delighted to announce our partnership with Ejari, marking another investment by anb seed.” This investment is more than a financial commitment; it’s a pledge to accelerate the Kingdom’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 forward. 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. We have formed a relationship with Ejari’s experienced and tight knit leadership team and have confidence in their plans and ability to navigate and become a main player in the RNPL Middle Eastern market.”