Saudi Arabia-based proptech start-up Rize, which operates a rent now, pay later platform, has raised $2.9 million to fund its expansion across the kingdom.

The new seed round drew investments from Seedra Ventures, Hala Ventures, JOA Capital, RZM Investments, Bonat Investments, Nama Ventures and a group of angel investors, the start-up said on Wednesday.

The real estate technology company also confirmed it has raised funds through debt to bolster its investments in the sector.

Rize seeks to transform the rental market with its rent-now-pay-later model that enables tenants to pay their rent in flexible monthly instalments.

“We aspire to make monthly payments the standard in residential and commercial leases, and with this investment … we will be able to expand further across the kingdom,” said Ibrahim Blileh, Co-Founder and CEO of Rize.

(Writing by Cleofe Maceda; editing by Seban Scaria)