Network International (Network), a leading enabler of digital commerce in the Middle East and Africa, and Biz2X, a global technology and financing fintech, have announced a new SME financing partnership.
The primary objective of the partnership is to unlock new sources of capital for Network’s SME merchants by leveraging payment transaction data and providing loan underwriters with real-time credit data. Merchants that use Network’s payments platform will have digital access to financing options and can opt-in from a variety of credit offers embedded via Biz2X.
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 advantages
•Fast Access to Capital for Merchants: Network's merchants will gain fast access to financing options through this platform, with loan processing times as fast as 48 hours.
•Data-Driven Financing: The Biz2X platform leverages Network’s merchant transaction and settlement data to prequalify merchants for financing, significantly reducing documentation requirements and expediting approvals.
•Seamless Onboarding Process: Merchants will enjoy a fast and seamless loan onboarding process, facilitated by the integration of Biz2X’s lending solution within Network’s platform.
•Multi-Lender Finance Ecosystem: Merchants will be matched with top offers from multiple lenders, including a variety of banks and alternative finance providers.
•Flexible Repayment Options: Loan repayment is managed through the same digital platform used to generate the credit decision. The 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.
•End-to-End Loan Lifecycle Management: Lenders gain access to continuous digital monitoring of their active loan portfolios, enhancing regulatory compliance and minimising risk exposure through real-time oversight.
Lenders, including banks and fintechs will utilise Biz2X’s digital underwriting platform to establish customised credit parameters and underwriting guidelines.
Data ecosystem
Accessing Biz2X's comprehensive data ecosystem, these lenders will have access to detailed financial transaction data of each applying merchant to expedite precise credit assessments. The platform facilitates automated credit decision-making, enabling lenders to extend financing swiftly and accurately reducing the need for human intervention.
“This partnership with Biz2X is a part of our ongoing commitment to bring the greatest digital finance technology to the Middle East,” said 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,” added Al Nassai.
“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,” added Ronen Spivak, Group Head of Value-Added Services, Managing Director, Network International.
“Our partnership with Network International fully leverages our expertise at delivering embedded financing options to merchants around the world,” said 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.”--TradeArabia News Service
