Investments

Dubai’s Keyper raises $4 million equity, $30 million sukuk financing, for its rent now pay later platform

Dubai-based rent-now-pay-later platform Keyper has raised $4 million in equity funding in a pre-Series A round led by Beco Capital and Middle East Ventures Partners, it announced in a statement today. The round was also joined by existing investors; Vivium Holdings, Jabbar Internet Group, and Signature Developers; and new investors; Annex Investments, Pin Investment, and Al Qahtani Investment. A few ‘strategic angels’ also participated in the round.

With the equity funding, the proptech has also secured $30 million in Shariah-compliant sukuk financing from global asset manager Franklin Templeton Investments. It had previously raised $6.5 million in a seed round led by Access Bridge Ventures and Vivium Holdings, a little over six months ago.

Founded in 2022 by Omar Abu Innab and Walid Shihabi, Keyper is a real estate investment and management app for landlords that helps them automate a lot of their daily tasks, and monitor their portfolios in real-time. In addition to this, Keyper also has a rent-now-pay-later product called Keyper Upfront that lets landlords collect a year’s rent upfront, while allowing tenants to make monthly payments using different digital payment options, including credit and debit cards.

The offering is currently available only in Dubai and is processing over $10 million in annual rental payments, Keyper claimed in a statement, adding that they have onboarded over 3,000 residential units, deploying over $1 million in annual rent facilitation through its rent-now-pay-later platform.

Omar Abu Innab, co-founder and CEO commenting on the occasion said that their platform is transforming what it means to interact with real estate in the UAE, “For Landlords, we offer a convenient property ownership experience, thanks to our property management application and innovative financial services, such as giving Landlords the ability to access their entire portfolio rental income at any point during the lease. For Tenants, they can have a fully digital experience to pay their rent monthly and manage their tenancy, eradicating the need for upfront payments via outdated bank checks.”

Dany Farha, co-founder and Managing Partner of BECO Capital, said, “We are very excited to back a strong team, with diverse and deep domain expertise at the intersection of real estate and finance, innovating in the prop-tech sector on the global stage, and working very hard to find ways to offer a transformational value proposition to its customers in an efficient and profitable manner, which aligns perfectly with our thesis on both proptech and embedded finance that has many of the most desirable attributes that we seek.”

The startup plans to use the latest funds to scale its RNPL product and further enhance the rental experience. It also plans to expand the offering to Abu Dhabi soon.

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