Founded in 2021 by Ibrahim Balila and Mohammed Al-Farihi,
Rise seeks to develop the real estate leasing sector in the Kingdom of Saudi Arabia. Through a service that allows tenants to pay their due rents in flexible monthly installments instead of one large upfront payment. Through this “rent now, pay later” method, we aim to develop a more flexible payment model, making it easier for tenants to manage their cash flow and budgets for housing expenses.
Ibrahim Balila, Co-Founder and CEO of Rise, commented:
“The confidence shown by investors in this round reflects their belief in our vision to improve the rental solutions industry in the Kingdom. We aspire to make monthly payments the norm in residential and commercial rentals, relying on the tremendous development in infrastructure represented by the Ejar platform, and thanks to this investment, we will be able to expand further across the Kingdom.”
For his part, Mohammed Al-Furaihi, Co-Founder and Chief Technology Officer, stated:
“Our tour helps reinforce our commitment to providing an integrated experience for tenants in the Kingdom and developing the rental sector in an effective and more convenient manner. Furthermore, we look forward to aligning with the Kingdom’s initiatives to improve and regulate the real estate sector in general and the rental sector in particular and to benefit from our technology-based solutions to contribute to this transitional period.”
Walid Al-Barrak, Investment Director at Sidra Ventures
added, “The strong government support for digital transformation in the real estate sector, including Ejar platform initiatives, represents an ideal environment for growth and innovation. Our repeated investments in Rise, which culminate today with the third investment in the company, reflect our strong belief in their ability to drive innovation in the market and improve the tenant experience. The deep understanding of the sector and the tremendous technical capabilities demonstrated by the founders and the Rise team, and the tangible progress achieved under their leadership, make us believe in Rise’s ability to achieve accelerated growth and contribute effectively to the rental sector in the Kingdom.” Unlike most countries, where rent is a monthly expense, Saudi Arabia and some GCC countries face a unique challenge where rent is paid annually or semi-annually.
Mohammed Al-Zoubi, Founder and Managing Partner of Namaa Ventures, explains:
“It was clear to us at Namaa that it was a matter of time before startups addressed this gap by merging fintech and real estate tech solutions. Rise, with its innovative rent payment model: rent now, pay later (RNPL), is a solution to overcome the rental challenges in the Kingdom. What really excited us about this investment is the exceptional synergy between the founders. Ibrahim, a real estate expert, together with Mohammed, a tech expert who can translate Rise’s vision into advanced technology products, form a strong team. We look forward to joining Rise’s founders and renowned investors on this pioneering entrepreneurial journey.”
This announcement comes as a new step in Rise’s ambitious journey, to enhance our position as a leading real estate technology company that works to achieve comfort and flexibility for tenants in the Kingdom of Saudi Arabia.
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