Saudi proptech Rize raises $2.9m seed funding for expansion

Rize offers a rent-now-pay-later solution

Rize, a Saudi Arabia-based proptech, has raised $2.9m in a seed round from investors including Seedra and Hala Ventures, to expand across the country.  

Founded in 2021 by Ibrahim Balilah and Mohammed AlFraihi, Rize offers a rent-now-pay-later product, which allows tenants to pay their rent in monthly instalments. 

Other investors include JOA Capital, RZM Investments and Nama Ventures, as well as a group of angel investors.  

The company has also raised funds through debt to boost its investments in the real estate sector.  

Commenting on the round, Blileh, chief executive officer of Rize, said: “We aspire to make monthly payments the standard in residential and commercial leases. With this investment and the remarkable growth of the Ejar platform, we will be able to expand further across the Kingdom.” 

As of January 15th 2024, all rent In Saudi Arabia must be paid through the online Ejar platform. Ejar launched in 2018, with the backing of the government, to digitise and streamline the process of leasing a property 

Alfraihi, chief technology officer, said: “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.” 

Walid AlBarrak, from the investment team at Seedra Ventures, added: “The strong government support for digital transformation in the real estate sector, including initiatives like the Ejar platform, provides an ideal environment for growth and innovation.  

“Our repeated investments in Rize, culminating today in the third investment in the company, reflect our strong belief in their ability to stimulate innovation in the market and improve the tenant experience.” 

Image: Rize  

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.