Magnati, a leading payment solutions provider, has announced a partnership with RAKBANK, the UAE's largest SME bank, to launch an innovative merchant financing platform. This collaboration will allow SME merchants to access credit facilities through RAKBANK by leveraging real-time Point of Sale (POS) transaction data translated into decision metrics for effective underwriting decisions. In addition, the platform also offers other services, including business loans, invoice financing, equipment financing, POS financing, receivables financing, and insurance, making it easier for SMEs to meet their financial needs efficiently.
Merchants using Magnati’s payment solutions benefit from a streamlined loan application process with repayments automatically deducted from daily payouts, improving merchant cash flow management. RAKBANK, with its expertise in SME lending, uses the platform’s real-time merchant financial insights to underwrite loans quickly and accurately, ensuring faster credit access for SMEs and supporting long-term business sustainability.
Ramana Kumar, CEO of Magnati, said, “We are excited to partner with RAKBANK to provide embedded finance solutions for our SME merchants. Through this partnership, we can offer faster, more streamlined access to financial services through our platform that will enable businesses to succeed. The platform enables banks and financial institutions to underwrite based on proactive intelligence generated on transaction data created by Magnati. Together, Magnati and RAKBANK are committed to enhancing the financial ecosystem for SMEs and supporting the growth of the UAE's vibrant entrepreneurial sector”.
Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK, commented, "Being the leading SME bank in the UAE, RAKBANK is committed to providing innovative and tailored financial solutions that empower businesses to grow and thrive. Our partnership with Magnati is designed to offer SMEs seamless access to funding and essential financial services. 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".