Rize closes $35 million Series A led by Raed Ventures
Summary
Founded in 2021 by Ibrahim Balilah and Mohammed AlFraihi, Rize adopts the rent-now-pay-later model, which allows tenants to pay their rent in flexible monthly instalments. This funding will support Rizes growth plans and expand its services in line with the Kingdoms vision for digital transformation and enhancing the real estate sector.Founded in 2021 by Ibrahim Balilah and Mohamed Al-Frahi, Rize is the first Saudi company to offer the "Rent Now, Pay Later" (RNPL) service, allowing tenants to pay annual rents in flexible monthly installments instead of a one sum payment. "Mohamed Al-Furaihi, Co-Founder and CTO, added: "We have worked hard to develop our internal technologies to enable the automation process and make the rental experience smoother. The companys ambitious vision and exceptional team make us proud to be part of this remarkable journey, which boosts the Kingdoms position as a leading tech hub in the region. "Waleed Albarrak, Principal at SEEDRA Ventures, added, "Rize is transforming the Saudi rental market and redefining the standards of how people rent.