Network International and Biz2X Announce Embedded Financing Partnership to Transform SME Lending in the UAE
2024年7月29日 - 7:01PM
Network International (Network), the leading enabler of digital
commerce in the Middle East and Africa, and Biz2X®, a global
technology and financing fintech in the U.S., India and Australia
with over $10 billion USD funded through its digital lending
platform, today 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 of this partnership include:
- 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 minimizing risk
exposure through real-time oversight.
Lenders, including banks and fintechs will
utilize Biz2X’s digital underwriting platform to establish
customized credit parameters and underwriting guidelines. 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 part of our
ongoing commitment to bring the greatest digital finance technology
to the Middle East,” said Nandan Mer, Group Chief Executive Officer
of 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 Mer.
“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.”
About Network
International:Network International is the Middle East and
Africa’s largest and leading digital payments company. Our purpose
is to help businesses and economies grow by simplifying payments
and commerce. Network International operates in 50+ countries
serving governments, banks, fintechs, merchants and Telco’s. We
have 2,000+ employees based in our markets serving over 250+
financial institutions and 130,000+ merchants.
About Biz2X:Biz2X is the digital lending
platform chosen by successful business lenders, with more than $10
billion USD funded globally to businesses through the company’s
innovative technology. The Biz2X® platform has been chosen for
business lending at banks and financial institutions around the
world. Lenders choose the platform because they want to transform
their lending practices digitally. Biz2X makes this possible
through best-in-class technology and AI-powered underwriting
models. Visit Biz2X.com for more information.
Corporate CommunicationsNetwork
InternationalDubai, UAETel: +971 4 303 2431Email:
lambert.espedido@network.global
Srishti Soni Burson, Dubai, UAETel:
971-4-4507600; Fax: 971-4-4358040Email:
Srishti.Soni@bcw-global.com
For media inquiries, contact:Charles GroomeVice President of
Growth Strategy, Biz2X+1 332-699-2785charles.groome@biz2x.com