Saudi-based proptech startup Rize has raised $35 million in a Series A round led by Raed Ventures, with participation from SEEDRA Ventures, Aqar Platform, JOA Capital, NAMA Ventures, and HALA Ventures, it announced in a statement today. The round includes both equity and debt financing, with Partners For Growth providing the debt portion. The startup did not disclose the breakdown.
Founded in 2021 by Ibrahim Balilah and Mohamed Al-Frahi, Rize claims to be the first ‘Rent Now, Pay Later’ (RNPL) service provider, enabling tenants to pay their annual rent in monthly installments instead of a single upfront payment. The startup has processed rental transactions worth over SAR 500 million through its platform since its inception.
The company currently focuses on the Riyadh region but plans to expand its operations to the Eastern and Western regions of Saudi Arabia. As part of its growth strategy, Rize has partnered with Aqar Platform to integrate its RNPL solution into their platform, allowing Aqar’s users to access flexible monthly payment options.
Ibrahim Balilah, Co-Founder and CEO of Rize, said, “This investment represents a major turning point in our journey and reflects the investors’ confidence in our vision to develop the leasing sector. We are committed to providing innovative solutions and improving the rental experience for all parties.”
Omar Al-Majdouie, Co-Founder at Raed Ventures, commented, “At Raed Ventures, we believe in Rize’s ability to bring about a transformative change in the real estate leasing sector, not only by offering innovative services but also by enabling digital transformation in this important field.”
Waleed Albarrak, Principal at SEEDRA Ventures, who has backed the company since its ideation stage, drew parallels between Rize’s growth and other successful regional BNPL players, stating, “Rize is transforming the Saudi rental market and redefining the standards of how people rent. Its extraordinary growth mirrors the success stories of industry leaders like Tabby and Tamara.”
The startup plans to use the fresh capital to accelerate its growth, enhance its technological solutions, and continue supporting the digital transformation of Saudi Arabia’s real estate sector. The company is particularly focused on automating the leasing process through its app to improve user experience.
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