Rize, a Saudi Arabian real estate tech company, has closed its seed round, securing $2.9 million in funding. Additionally, the company raised further funds through debt to bolster its investments in the real estate sector.
The seed round saw participation from investment VCs such as Seedra Ventures, Hala Ventures, JOA Capital, RZM Investments, Bonat Investments, and Nama Ventures, alongside angel investors.
Established in 2021 by Ibrahim Balilah and Mohammed AlFraihi (pictured), Rize aims to revolutionize the rental landscape in Saudi Arabia through its innovative 'rent now pay later' product. The company aims to shift rental payments towards flexible monthly instalments, making it a standard practice in the real estate market.
“Our latest funding reinforces our commitment to streamlining property interactions, making rental processes efficient and more tenant-friendly. Furthermore, we are enthusiastic about aligning with the Kingdom’s initiatives to improve and regulate the real estate market, leveraging our technology-driven solutions to contribute to this transformative period," said Mohammed Alfraihi, Co-Founder and CTO.
Buy now pay later (known as BNPL) solutions are springing up across the PropTech landscape. Indian marketplace Housing.com has introduced a BNPL solution while REA Group recently completed the acquisition of BNPL specialist CampaignAgent.