Kuwait Fintech Startup, Ajar Online, Raise Second Round of Investment
Ajar Online, a Fintech startup based in Kuwait, closed their second investment in a round led by Dubai-based venture firm BECO Capital and Sharq Ventures. A cloud service designed for the real estate market, Ajar Online offers a quick and secure online rent collection and free property management platform for tenants and landlords.
The idea for the startup came as a result of the CEO, Shaheen AlKhudhari’s, determination to bring an end to the hassle of paying his monthly rent through inconvenient methods.
He worked to validate the idea in 2015 by researching the real estate market, specifically its traditional methods of rent payment and property management, and concluded that both tenants and landlords were feeling the same pain due to inadequate payment methods.
Seizing the opportunity, he brought together the right resources to turn the idea into reality. The beta version was released in late 2015, with a full live cloud solution launched that August. In October of the same year, Ajar Online signed a non-exclusive partnership with Warba Bank to empower their solution, and by January 2016 Ajar Online was officially established.
Today, Ajar Online provides optimum free property management solutions by digitizing rent payment and collection services in an effective manner. The service allows tenants to pay their rent online, at any time and anywhere via SMS and email in less than 60 seconds, simplifying the rent collection process for landlords and providing efficient property management tools to save time, reduce costs and take the right decisions.
Shaheen AlKhudhari states: “We aim to be the leading platform for property management and online payments in the real estate market, creating the tools to make the industry better and smarter, by using the latest technology and security measures. We envision real-estate investors and owners, confidently making the right decisions about their investment and leases, and we help landlords to easily manage multiple properties and rent collections, reducing the need for hundreds of hours of manual office work, and saving thousands of dollars”.
The latest investment will support Ajar Online's growth in the region, allowing them to upgrade the current services, and release new tools for the landlords. With offices in Kuwait and representatives available in Dubai and Saudi Arabia, Ajar Online are actively pursuing to increase their workforce by hiring entrepreneurial talents to join their team, and aiming to strengthen their presence by scaling globally by early 2018.