Keyper, a leading proptech company in the United Arab Emirates, has announced a $4 million pre-series A capital raise. Leading regional venture capital firms BECO Capital and Middle East Venture Partners (MEVP) spearheaded this round, which also included participation from new and existing strategic angels, including Annex Investments, Pin Investment, Al Qahtani Investment, and Vivium Holding.
The business has raised over $40 million in total capital to date after signing a term sheet agreement with global asset manager Franklin Templeton Investments (ME) Ltd. for an additional $30 million in Shariah-compliant Sukuk financing. With the additional funds, Keyper plans to expand its innovative Rent Now, Pay Later (RNPL) solution and digitize the rental experience in the United Arab Emirates. Landlords will be able to receive annual rent upfront thanks to the proceeds from the Sukuk, and tenants will have the option of paying rent in installments each month using credit/debit cards and other practical digital payment methods.
Omar Abu Innab, Co-Founder and CEO of Keyper, expressed, “Keyper is transforming what it means to interact with real estate in the UAE. For Landlords, we offer a convenient property ownership experience, thanks to our property management application and innovative financial services, such as giving Landlords the ability to access their entire portfolio rental income at any point during the lease. For Tenants, they can have a fully digital experience to pay their rent monthly and manage their tenancy, eradicating the need for upfront payments via outdated bank checks.”
In 2024, Keyper accomplished major milestones such as the onboarding of over 3,000 residential units valued at $2 billion, the processing of over $10 million in rent payments annually, and the deployment of over $1 million in rent facilitation annually through its RNPL product. In an effort to enhance the experiences of property owners and renters, Keyper has already introduced cutting-edge features like “similar transactions,” which let landlords monitor market sales and rental transactions that are pertinent to their portfolio.
Dany Farha, Co-Founder and CEO of BECO Capital, says, “We are very excited to back a strong team, with diverse and deep domain expertise at the intersection of real estate and finance, innovating in the prop-tech sector on the global stage, and working very hard to find ways to offer a transformational value proposition to its customers in an efficient and profitable manner, which aligns perfectly with our thesis on both prop-tech and embedded finance that has many of the most desirable attributes that we seek.”
Mohieddine Kronfol, CIO of Global Sukuk and MENA Fixed Income at Franklin Templeton, “We are pleased to enter into an understanding to solely lead Keyper’s innovative multi-tranche sukuk to fund its RNPL service, which simultaneously complements our global sukuk and private market strategies,” said Mohieddine Kronfol. “Once concluded, the transaction will further highlight the exciting opportunities our private credit team sees across the region.”
In terms of future plans, Keyper intends to expand its services to Abu Dhabi, further disrupt the real estate market with innovative financial and rental solutions, and streamline, adapt, and digitalize the rent processing and payment process. In addition, the business is expanding its collaborations with regulators and real estate organizations in the areas of fintech, payments, tenant screening, and data.
Tenants and landlords continue to benefit greatly from Keyper’s dedication to upending the rental process, which solidifies the company’s standing as an innovator in the real estate industry.
