Network International, the enabler of digital commerce in the Middle East and Africa (MEA), is joining forces with Biz2X, the financing fintech in the US, India and Australia, to unlock new sources of capital for its SME merchants.
By leveraging payment transaction data and providing loan underwriters with real-time credit data, Network International hopes to enable its SME merchants to access new sources of capital. Through the new partnership, merchants that use Network’s payments platform will gain digital access to financing options and can opt-in from a variety of credit offers embedded via Biz2X
These merchants will gain fast access to financing options through this platform, with loan processing times as fast as 48 hours.
Biz2X boasts over $10billion funded through its digital lending platform. Financing options through this partnership are expected to become available to Network’s UAE-based SME merchants early in the fourth quarter of 2024.
The Biz2X platform leverages Network’s merchant transaction and settlement data to prequalify merchants for financing, significantly reducing documentation requirements and expediting approvals. Merchants will then be matched with top offers from multiple lenders, including a variety of banks and alternative finance providers.
“This partnership with Biz2X is a part of our ongoing commitment to bring the greatest digital finance technology to the Middle East,” explained Jamal Al Nassai, group managing director, acquiring, Middle East and North Africa at 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.”
Supporting SMEs with financing
“By embedding lending options directly into our payment ecosystem, we’re creating a seamless financial experience that meets the evolving needs of modern businesses,” said Ronen Spivak, group head of value-added services and managing director at Network International.
“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.”
The Biz2X platform also supports various repayment methods, including settlement advance, credit card splits, and repayment against receivables – allowing merchants to choose the repayment strategy that best suits their cash flow needs.
“Our partnership with Network International fully leverages our expertise at delivering embedded financing options to merchants around the world, commented Rohit Arora, CEO of Biz2X. “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.”
Lenders, including banks and fintechs, can also use Biz2X’s digital underwriting platform to create customised credit parameters and underwriting guidelines. Accessing its comprehensive data ecosystem, these lenders will also have access to detailed financial transaction data of each applying merchant to speed up credit assessments.
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