Saudi Arabia-based proptech company Rize has surpassed orders of SAR100 million ($26.6 million U.S.) for its rent now, pay later product.

Rize’s core rent now, pay later service converts an annual lease into 12 monthly instalments. The landlord still receives the annual rental sum in one go, as Rize takes over responsibility for collecting the monthly payments. 

Rize charges tenants between 10% and 17% and all processes are carried out through its app. Rize is registered with all official governing bodies in the kingdom, including the General Real Estate Authority (REGA) and Ejar. 

Monthly rental payments are rare in Saudi Arabia, where industry standard practices of annual or bi-annual payments restrict tenants in their choices and spending power.

Rize recently joined forces with another Saudi proptech company, Wasalt, to further promote its rent now, pay later product, and also raised a seed round of $2.9 million to drive its expansion.

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