Rental collection platform Ajar has expanded its operations to Bahrain, according to a recent announcement.
With a presence in Kuwait and the UAE, the company will now offer its property management and rent collection in the Kingdom of Bahrain. The launch is an opportunity to demonstrate the role that fintech plays in real estate management, an announcement from the company said.
The platform is built for individual landlords, property managers and real estate companies to collect rents from tenants through Ajar’s online platform.
The platform allows Ajar’s enterprise users to track rental collection of each property, link properties or portfolios with different bank accounts, access reporting tools, and offer a range of payment methods, including cash, to their tenants.
The company also recently concluded a partnership with Visa that enabled enterprise users to collect and track rents from different countries in real time.
Mohammed Al-Munaikh, CEO of Ajar, said that the company aims to be a tech infrastructure platform for real estate, allowing property owners to improve efficiency and increase ROI.
“After the great success that Ajar has achieved in Kuwait and the UAE, this must be the perfect time to enter the Bahraini real estate market, because Bahrain is the hub of fintech in the region, and it was important for Ajar platform to enter the Bahraini real estate market to prove its presence thereby supporting the digitisation process of the real estate sector,”
Al-Munaikh further said.
Ajar has raised US$7.5 million so far
Founded in 2016 in Kuwait, Ajar is currently headquartered in Dubai. The company was started as Ajar Online, offering a cloud-based service for rent payment and collection process via SMS and email.
The startup raised a multi-million dollar round in Pre-Series A funding last year, with its total capital standing at US$7.5 million as of its last reported round. The company’s backers include SBX Capital, 500 Startups, Seed Partners, BECO Capital and Sharq Ventures.
Expansion into Saudi Arabia, Egypt and Bahrain were also on the books at the time, with Ajar reporting a growing demand for its solutions due to COVID-19.
Featured image credit: Ajar