Riyadh – Mubasher: Ejari, a Saudi-based prop- tech and fintech platform, has closed a $14.65 million (SAR 55 million) round led by Partners for Growth (PFG), BECO Capital, anb seed, and Rua Ventures.
Alinma Bank participated in the fundraising transaction through its Alinma Pay, along with Vision Ventures and Aqar platform, as well as existing investors.
The investment includes debt and equity with the debt provided from California-based Partners for Growth, according to a press release.
Ejari will use the new capital to reinforce its market share within the residential rent now, pay later (RNPL) landscape, while improving its product and service offerings.
Founded in 2022, Ejari provides RNPL solutions for the Saudi real estate rental market where over 70% of rentals are paid on an annual or bi-annual basis, addressing the need for more flexible payment options in the Saudi market.
In less than a year, Ejari has generated more than $30 million in demand for its RNPL service and now operates in 17 cities across eight regions in Saudi Arabia.
Yazeed Al Shamsi, Co-Founder and CEO of Ejari, commented: "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.”
