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Proptech startup Rentak has teamed up with leading BNPL platform valU to introduce their ‘Vacay Now, Pay Later’ offers.
The rental market is growing rapidly in Egypt, in what many are calling a real estate revolution. With increased rental competition and transactions happening mostly offline or in cash, there is a need to provide innovative solutions to support tenants and landlords in the market.
To address these needs, Amr Arram founded Egypt-based startup Rentak to digitize and disrupt the real estate rental sector. Rentak is a first-of-its-kind platform in Egypt combining fintech and proptech solutions to facilitate transactions between tenants and landlords, and enable users to pay their rent safely on the app.
The startup has partnered with financial platform valu - the leading Buy Now Pay Later (BNPL) service in Egypt, offering diverse payment solutions for a wide variety of products and services - to introduce their ‘Vacay Now, Pay Later’ offers.
These offers provide users with flexible and convenient payment options for vacation rental units in Egypt, ranging anywhere from six to 60 months. It also provides homeowners with the option to finance their property maintenance all over Egypt.
“Rentak provides practical solutions to users, and aims to be a one-stop-shop rental service for customers,” Arram tells StartupScene.
Although it was founded a few months ago, Rentak has already witnessed steady growth in the market, having doubled month over month.
In September 2022, Rentak plans to offer hassle-free rental management services. Owners will benefit from guaranteeing on-time rent payment, and ensured unit condition after the rent contract has been signed. Tenants meanwhile will benefit from saving on brokerage fees and insurance deposits, and paying rent through different methods on the app. By digitizing the rental process, Rentak hopes to develop trusted relationships between renters and owners and create a seamless interaction.
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