UAE-based Rakbank, known for its focus on banking services for small businesses, has partnered with payment solutions provider Magnati to launch a new merchant financing platform. This innovative platform will allow merchants using Magnati’s payment solutions to access credit facilities directly through Rakbank.
The underwriting process for these credit facilities will be powered by real-time transaction data generated by Magnati at the point of sale (POS), enabling faster and more informed lending decisions. This embedded finance solution offers a range of SME-focused services, including business loans, invoice financing, equipment financing, POS financing, receivables financing, and insurance.
Magnati CEO Ramana Kumar highlighted the benefits of the partnership, stating, “Through this collaboration, we can offer faster and more streamlined access to financial services, enabling businesses to thrive. The platform allows banks and financial institutions to underwrite based on proactive intelligence generated from transaction data.”
Dhiraj Kunwar, Managing Director of Business Banking at Rakbank, added, “By leveraging real-time data, we can make quicker, more accurate lending decisions, helping businesses unlock new opportunities and achieve long-term success.”
