Network International, the leading digital payment company in the Middle East and Africa, has collaborated with Biz2X, a global digital lending platform with a reputation for facilitating over $10 billion in funding through innovative technology, to enhance SME financing in the UAE.
The aim of this collaboration is to provide lenders real-time credit data and leverage payment transaction data to unlock new sources of capital for the Network’s SME merchants.
Merchants using the Network’s payment platform will get the digital access to financing options and can choose from a variety of credit offers embedded via Biz2X. The Network’s UAE-based SME merchants can expect financial options in Q4 2024.
The partnership will provide;
Fast Access to Capital for Merchants: Network’s merchants will get quick access to financing option through the platform with a loan processing time of 48 hours.
Data-Driven Financing: Biz2X uses transaction and settlement data from the Network’s merchants to pre-qualify them for financing, this make the approval procedure faster by reducing the amount of paperwork.
Seamless Onboarding Process: Biz2X’s lending solution is integrated with Network platform, ensuring merchants with smooth and seamless loan onboarding process.
Multi-Lender Finance Ecosystem: Merchants are offered the best deals from multiple lenders including banks and alternative finance providers.
Flexible Repayment Options: The platform facilitates various repayment methods such as settlement advance, credit card splits and repayment against receivables, allowing the merchants to choose the option suited for their cash flow needs.
End-to-End Loan Lifecycle Management: Lenders can have access to continuous digital monitoring of their active loan portfolios, this will help them comply with regulations and reduce exposure through real-time monitoring.
Jamal Al Nassai Group MD – Merchant Services MENA Network International
“We are proud to empower the SME merchants with financing opportunities so that the UAE market can continue to cultivate a thriving SME sector. The combination of our payments data with Biz2X’s digital underwriting prowess is a clear advantage to lenders and merchants alike.”
Ronen Spivak, Group Head of Value-Added Services, Managing Director at Network International, commented that, “By embedding lending options directly into our payment ecosystem, we’re creating a seamless financial experience that meets the evolving needs of modern businesses. By leveraging real-time transaction data, we’re not only streamlining the lending process but also enabling more accurate risk assessment. This means faster approvals, tailored financing options, and ultimately, more opportunities for our SMEs to scale and succeed.”
Rohit Arora, CEO of Biz2X, stated that, “Our partnership with Network International fully leverages our expertise at delivering embedded financing options to merchants around the world. Our mission is to expand SME access to capital by making financing accessible and efficient for business owners everywhere. This partnership promises to greatly expand SME access to credit in the UAE, where small businesses are rapidly growing.”
