Saudi Proptech Ejari Raises $14.65 Million to Expand RNPL Services

Saudi Arabia-based property technology and fintech platform Ejari has closed a $14.65 million funding round to enhance its Rent Now, Pay Later (RNPL) services within the kingdom. The round was a combination of debt and equity, with debt financing led by California-based Partners for Growth (PFG), and equity investments contributed by BECO Capital, anb seed, Rua Ventures, Alinma Pay, Vision Ventures and Aqar.

The funding round also saw participation from existing investors, including Salica Oryx Fund and various angel investors. Ejari, founded in 2022 by Yazeed Al-Shamsi, Fahad Albedah, Mohammed Alkhelewy, and Khalid Almunif, offers a flexible RNPL solution tailored specifically for Saudi Arabia’s real estate market.

Currently, over 70% of rentals in Saudi Arabia are paid annually or bi-annually, creating a demand for more flexible payment options, which Ejari addresses. Since its launch, the platform has generated over $30 million in demand for its RNPL service, expanding to 17 cities across eight regions.

With the newly secured capital, Ejari plans to expand its product offerings, strengthen its market presence, and continue to grow within the RNPL sector. The company's goals align with Saudi Arabia's Vision 2030, focusing on economic diversification and improving citizens' quality of life.