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UAE’s Silkhaus Secures Pre-Series A Funding For Expansion
The cash injection includes a multi-million-dollar credit line supporting the PropTech startup’s plans for growth.
Silkhaus, a Dubai PropTech startup dedicated to transforming the short-term rental landscape in the Middle East and Asia, has recently announced a substantial pre-series A financing round. The funding comes via San Francisco-based Partners for Growth (PFG). The strategic partnership also grants Silkhaus access to a substantial credit line, which will facilitate its ambitious expansion plans.
Silkhaus harnesses cutting-edge technology to provide property owners with the essential infrastructure tools to manage and monetize their real estate assets. The startup oversees every aspect of the rental process, from handling bookings to property distribution and operations, ensuring an exceptional guest experience.
On average, property owners using Silkhaus platforms report earning between 20% to 40% more income compared to traditional rental models.
The significant cash injection means that Silkhaus is now poised to disrupt the global short-term rental sector, which boasts a valuation of over $100 billion.
Aahan Bhojani, the Founder and CEO of Silkhaus, expressed his enthusiasm for the partnership with PFG, saying, “Since our launch, Silkhaus has experienced incredible demand, growing by 120% over the past 12 months. We are thrilled to partner with the PFG team as we begin scaling Silkhaus across the GCC with a diversified capital stack and investor base”.
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Meanwhile, Armineh Baghoomian, Managing Director and Head of EMEA at Partners for Growth, praised Silkhaus for its innovative approach, noting, “Through the use of technology, Silkhaus is reinventing how landlords and institutional investors are able to monetize their asset base. Silkhaus’ strong fundamentals have put them on the path to success and we are excited to be a part of their growth story”.
Established in 2021, Silkhaus has already attracted guests from over 120 countries to its properties. In 2022, the company secured $7.75 million in funding from a consortium of global investors, marking one of the most significant seed funding rounds in the history of the GCC region.
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Checkout.com Set To Launch Card Issuing In The UAE
The payment service provider’s expansion is a first-of-its-kind investment and could reshape digital transactions across the region.
Checkout.com is laying the groundwork to become the first global payments platform to introduce card issuing in the United Arab Emirates — a move that could reshape how businesses in the region manage financial transactions.
The company plans to roll out its domestic card issuance offering in the UAE by 2026, subject to regulatory approval. The launch would give businesses the tools to issue both physical and virtual branded cards. This, in turn, opens up new ways to reward customers, streamline expense processes, and handle B2B payouts efficiently.
Checkout.com’s CEO and Founder, Guillaume Pousaz, revealed the plans during Thrive Abu Dhabi, the firm’s debut conference in the Emirates. Joined on stage by Remo Giovanni Abbondandolo, General Manager for MENA, Pousaz presented to an audience of over 150 partners and merchants at Saadiyat Island. Also in attendance was H.E. Omar Sultan Al Olama, the UAE’s Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications.
Abbondandolo highlighted the strategic importance of the announcement: “As a global business, we focus on bringing products to markets that our customers want and need. Today’s announcement is proof of our commitment to the MENA region and its rising influence in the digital economy. The appetite for innovation here is real, and we’re proud to be building the infrastructure that powers it”.
One early adopter of Checkout.com’s UAE acquiring services is Headout, a travel experiences marketplace, which recently named the payment provider as its main partner in Europe. The company has already begun card issuing there and is keen to expand that offering into MENA once approval is granted.
The expansion of services in the UAE and beyond builds on Checkout.com’s track record in the region. It was the first global payments firm to secure a Retail Payment Services license from the UAE’s Central Bank and was instrumental in rolling out Mada and Apple Pay in both the UAE and Saudi Arabia.
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The firm has also been rolling out new products: One of the latest is Flow Remember Me, currently in beta testing. It allows shoppers to store their card information once and access it across Checkout.com’s entire network, potentially cutting checkout times by up to 70%.
Earlier this year, Checkout.com also introduced Visa Direct’s Push-to-Card solution in the UAE, enabling both domestic and international payouts. Its collaboration with Mastercard has grown as well, making it easier for businesses to send funds directly to third-party cards securely and quickly.
With regional tech ambitions on the rise — spurred by initiatives like Saudi Arabia’s Vision 2030 and the UAE’s 2031 Agenda — Checkout.com sees its role as one of a key enabler. “Our mission is to help ambitious businesses navigate the complexity of payments, so they can move faster, go further, and make the most of every opportunity,” said Abbondandolo. “In MENA, performance is personal. It’s local. It’s built on trust. And when payments perform, businesses thrive”.
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