Two Saudi Arabia-based proptech companies, Wasalt and Rize, have signed a cooperation agreement to enable tenants to pay their annual rent in 12 monthly payments. In the kingdom, it is common practice for property rental payments to take the form of an annual lump sum.

Founded in 2020 by CEO Ibrahim Balilah and CTO Mohammed Alfraihi, Rize provides a “rent now, pay later” service to tenants, adding a surcharge that usually ranges between 10% and 17% for its services. Last month, the company raised $2.9 million in seed funding, which it intends to use to widen its geographic footprint in the kingdom.

Wasalt was founded in 2021. It says it has partnerships with more than 3,300 real estate developers, brokers and banks and that its app has more than 500,000 users.

Both companies are licensed by Saudi Arabia’s General Real Estate Authority, and Wasalt recently secured a license from the government’s Entrustment and Liquidation Centre (Infath) to organize real estate auctions with live bidding.

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