CORRECTION -- Network International and Biz2X Announce Embedded Financing Partnership to Transform SME Lending in the UAE
2024年7月29日 - 11:01PM
A press release issued at 6:01 a.m. (EDT) was updated with the
latest quotes from Jamal Al Nassai, Group Managing Director,
Acquiring, Middle East and North Africa at Network International,
and Ronen Spivak, Group Head of Value-Added Services, Managing
Director, Network International.
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 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 Jamal.
“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.”
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. We operate 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.
Contacts:
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, please contact:Charles GroomeVice President
of Growth Strategy, Biz2X+1
332-699-2785charles.groome@biz2x.com