Ejari expands PFG credit facility to $50M ahead of commercial rental push

Ejari has expanded its credit facility with Partners for Growth to $50 million as the Saudi rent-now-pay-later company prepares to extend its service from residential tenants to businesses renting commercial property.

The Sharia-compliant facility finances rental transactions in which Ejari pays landlords upfront and collects monthly payments from tenants. The agreement increases the capacity of an existing financing arrangement established in 2024, with the company separately working towards a Series A equity round.

Ejari says it now operates across more than 40 Saudi cities and has received requests to facilitate more than $500 million in rent. That figure measures applications for its service, rather than rent financed or company revenue.

“This upsize builds on our relationship with PFG and supports our next phase of growth in residential rentals and entry into commercial leasing,” said Yazeed Al-Shamsi, co-founder and chief executive.

“People across the Kingdom keep moving, working and needing homes. This upsize supports our ability to serve more of them, deepen our presence across more than 40 cities and lay the groundwork for extending our model into commercial leasing for SMEs.”

Founded in Riyadh in 2022, Ejari addresses the mismatch between monthly salaries and rent payments that landlords often collect annually or every six months. Tenants pay a fee to spread that obligation over time.

According to its published pricing, the fee on a 12-month contract is 15% of the rent when the landlord receives a single upfront payment and the tenant pays monthly, with lower charges available under other payment schedules.

The model requires capital to cover the interval between paying landlords and collecting from tenants. The expanded warehouse facility provides that funding, while equity finances the team, technology and development of additional services.

“The facility is structured to provide dedicated capital for Ejari’s continued growth in residential rentals and its planned entry into commercial leasing,” said Armineh Baghoomian, managing director and head of Europe, the Middle East and Africa at PFG, where she also co-heads global fintech.

Ejari’s relationship with the California-based lender began with the $14.65 million debt-and-equity seed financing in October 2024. Its equity backers include BECO Capital, Vision Ventures, anb seed, Alinma Pay, Rua Growth Fund, Salica Oryx Fund, Aqar and Sanabil 500 MENA. The company says it expects to close its Series A soon but hasn’t announced the amount or investors.

Private credit is also financing the growth of rival Saudi rental platforms. Rize, whose $35 million debt-and-equity Series A FWDstart covered in January 2025, secured a separate $50 million rental-financing facility from Jadwa Investment in September. Property marketplace Aqar offers access to both companies’ services, placing monthly payment options alongside the search for a home.

The expansion comes as Saudi authorities intervene in housing costs, including a five-year freeze on residential and commercial rent increases within Riyadh’s urban boundaries, introduced in September 2025. That limits increases in rent, but leaves the upfront payment burden that companies such as Ejari and Rize charge tenants to spread over the year.