Rakbank joins Magnati to launch new SME financing platform in UAE
UAE-based Rakbank, which specialises in providing banking services to small businesses, has come together with payment solutions provider Magnati to develop and deliver a new merchant financing platform.
Rakbank partners Magnati for SME financing platform
The platform will enable merchants using Magnati’s payment solutions to access credit facilities through Rakbank.
The underwriting for these facilities will be powered by real-time transaction data created by Magnati at the point of sale (POS).
The embedded finance solution will support business loans, invoice financing, equipment financing, POS financing, receivables financing, insurance and a range of additional SME-focused services.
“Through this partnership, we can offer faster, more streamlined access to financial services through our platform that will enable businesses to succeed,” explains Magnati CEO Ramana Kumar.
“The platform enables banks and financial institutions to underwrite based on proactive intelligence generated from transaction data created by Magnati.”
Dhiraj Kunwar, managing director of business banking at Rakbank, says: “By leveraging real-time data, we are able to make faster, better-informed lending decisions, helping businesses unlock new opportunities and achieve long-term success”.
