A rent now, pay later startup has raised $4 million in pre-series A funding and $30 million in Shariah-compliant sukuk financing.

UAE-based proptech company Keyper said the pre-series A funding round was led by Dubai-based BECO Capital and Middle East Venture Partners.

Keyper also signed a term sheet agreement for $30 million in Shariah-compliant sukuk financing from global asset manager Franklin Templeton Investments (ME) Ltd.

Keyper will invest the fresh funds into digitizing the rental experience in the UAE and scaling its innovative Rent Now Pay Later (RNPL) solution.

The sukuk proceeds will enable landlords to receive annual rents upfront and offer tenants the flexibility of paying rent in monthly instalments via credit or debit cards and other digital payment methods.

(Writing by Imogen Lillywhite; editing by Seban Scaria)