Revolutionising rent: Tern Rewards unveils the UAE's first digital rental payment and rewards platform
The free to use rental payment platform allows tenants to pay their rent via credit card and in return earning both their credit card points and Tern points that can be redeemed at a diverse group of leading merchants. These merchants include Amazon, Noon, iTunes, Netflix, Centrepoint, VOX Cinemas, du, Etisalat, Carrefour, and Yas Waterworld amongst many more leading brands.
Beyond rewarding tenants, the Tern Rewards platform empowers landlords with a seamless, cost-free tool to efficiently monitor and manage their portfolios. By bridging innovation and convenience, Tern is revolutionising the rental landscape—making renting more rewarding for everyone.
The innovative platform, which falls under DLD's Real Estate Evolution Space Initiative (REES), has successfully closed its pre-seed funding round, securing $1.5 million, and has already onboarded a group of major landlords into the Tern Alliance, an exclusive network that is currently accepting applications from all landlords and property managers (even individual landlords).
Said Al Sayyed, co-founder, Tern Rewards, said: 'Rent and the way we pay it hasn't changed in decades. At Tern, we are redefining the rental experience by turning the largest single expense into rewarding opportunities. This model has been successful in other markets and its definitely the future of renting everywhere. It's no surprise that we have seen massive momentum from partners and landlords/ property managers since launch and estimate to take over the majority of rent payments in UAE in the next few years'
Mohammad Shaitou, co-founder, Tern Rewards, said: "The shift to digital rental payments perfectly aligns with the UAE's strategic vision to advance modern payment solutions and drive digital innovation across key sectors. It also supports the UAE Digital Government Strategy, which seeks to integrate digital transformation across all government initiatives, fostering a seamless, tech-driven ecosystem."
Tern Rewards secured investment from highly strategic industry leaders, chief executives of real estate companies and property management companies, leveraging from their expertise and deep-rooted experience in the real estate and leasing sectors. This not only strengthens confidence in the Tern Rewards platform but also accelerates our vision of revolutionising rental payments through digital innovation and strategic partnerships.
Tern Rewards is venture backed by leading FinTech investors, including VentureSouq (VSQ) — a MENA-based venture capital fund manager with a global portfolio—and BYLD, an institutional venture capital firm specialising in early-stage technology investments across the Middle East and Africa.
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