Ajar, an online property management and rent collection platform that aims to lead the digitization of real estate in MENA, has been named the UAE’s Most Trusted FinTech in 2020 by APAC Business Headlines, a global platform that brings business communities together to foster collaboration and innovation.
Ajar was founded in 2016 by Shaheen Al Khudhari with the goal of solving the nuance of collecting and paying rent in Kuwait, and has since expanded to Dubai where it’s automating rent collection and property management across the UAE. Today, Ajar manages over 35,000 units across both markets.
“It’s an honor to be recognized as the most trusted FinTech in the UAE, the hub of innovation in our region. Security is at the core of Ajar, and we thank our landlords, tenants, investors, and employees for continuing to trust Ajar,” commented Shaheen on the award.
Ajar played a critical role during the COVID-19 crisis, arming the real estate industry with the tools to continue their rent collection and management despite country-wide lockdowns and limited operations in many industries.
The company recently announced the closing of its Pre-series A round, with participation of SBX Capital, 500 Startups, and Seeds Partners, bringing its total funding to date to $7.5M. As the company gains more momentum in the UAE’s dynamic real estate market, Ajar is eyeing Saudi Arabia, Egypt, and Bahrain next with plans of beginning operations in at least two of these countries in 2020.
Beyond FinTech, Ajar is a leader in the region’s PropTech space, having been one of the earliest players to tackle management issues that have plagued the real estate industry. Through Ajar, landlords, property managers, and real estate companies are now managing day-to-day communication, payments, and vacancies across all their real estate portfolios more efficiently.
An encouraging 33 startup deals took place in May 2020, which was an increase of 93% compared to April. This was largely driven by the Misk500 MENA Accelerator, which graduated its third batch of startups. Discover more details in our May 2020 Dashboard Report.