Tern Rewards has introduced a groundbreaking digital rental payment and rewards platform in the UAE, transforming the real estate market. This innovative platform enables tenants to pay their rent via credit card while earning double rewards, thereby enhancing the interaction between tenants and landlords. The solution combines financial flexibility with advanced technology, providing a smarter, hassle-free way for rent payments.

The platform is free to use, allowing tenants to earn both credit card rewards and Tern points, which can be redeemed at various leading merchants. These merchants include major brands such as Amazon, Noon, iTunes, Netflix, Centrepoint, VOX Cinemas, du, Etisalat, Carrefour, and Yas Waterworld, among others.

In addition to benefiting tenants, the Tern Rewards platform equips landlords with an efficient, cost-free tool to manage and monitor their portfolios effectively. By integrating innovation and convenience, Tern is set to reshape the rental landscape, making renting more advantageous for all parties involved.

The platform is part of the Dubai Land Department’s Real Estate Evolution Space Initiative (REES) and has successfully completed its pre-seed funding round, raising $1.5 million. Tern Rewards has already established the Tern Alliance, an exclusive network comprising major landlords, which is currently open to applications from all landlords and property managers, including individual landlords.

Co-founder Said Al Sayyed emphasized that the traditional approach to rent payments has remained unchanged for decades. He stated, “At Tern, we are redefining the rental experience by turning the largest single expense into rewarding opportunities.” Al Sayyed expressed confidence in the platform’s momentum, predicting that Tern Rewards will dominate rent payments in the UAE within the next few years.

Fellow co-founder Mohammad Shaitou noted that the transition to digital rental payments aligns perfectly with the UAE’s strategic vision for modern payment solutions and digital innovation. He also highlighted that this initiative supports the UAE Digital Government Strategy, which aims to incorporate digital transformation into all government initiatives, creating a tech-driven ecosystem.

Tern Rewards has garnered investment from prominent industry leaders and chief executives in the real estate sector. This backing not only boosts confidence in the platform but also propels its mission to revolutionize rental payments through digital innovation and strategic partnerships.

The venture is backed by leading FinTech investors, including VentureSouq (VSQ), a MENA-based venture capital fund manager, and BYLD, an institutional venture capital firm focused on early-stage technology investments in the Middle East and Africa.