The UAE has ambitions for economic growth by enabling businesses across the country to access faster credit. In doing so it hopes to help firms grow and thrive in a competitive market. In line with this, Magnati, the payments solutions provider in the Middle East has partnered with Wio Bank PJSC, the regional bank providing embedded finance solutions through its merchant financing platform.
Magnati’s platform integrates real-time Point of Sale (POS) payment data to offer financial solutions to merchants. Businesses can access credit facilities through the Wio Bank Business digital banking platform, and benefit from the platform’s range of services. All are tailored to support SMEs and large enterprises and include:
business loans
invoice financing
equipment financing
POS financing
receivables financing
insurance
Wio Business is the bank’s first digital banking application. It caters to businesses of all sizes from small and medium enterprises (SMEs) to larger corporates and freelancers. This partnership enables Wio Bank to expand access to support business growth. It will do so by providing fast access to financing using Magnati’s platform.
Consequently, this will simplify cash flow management and credit access. Loan EMIs are automatically deducted from daily payouts. As a result, this streamlines the repayment process for merchants.
As the financial partner, Wio Bank utilises proactive decision-making insights from the platform to assess the performance and financial health of businesses, enabling accurate and timely lending decisions. This approach allows businesses to access finance that fits their needs while supporting their long-term growth.
Addressing key challenges banks face
Jayesh Patel, CEO of Wio Bank
Jayesh Patel, CEO of Wio Bank PJSC said: “Our collaboration with Magnati addresses a key challenge for businesses—quick and easy access to finance. We are simplifying the process for businesses to obtain credit and manage their finances, allowing them to focus on growth. This partnership aligns with our goal to foster growth for businesses of all sizes and drive entrepreneurship to support the ecosystem in the UAE.”
Ramana Kumar, CEO of Magnati
Ramana Kumar, CEO of Magnati said: “We are thrilled to partner with Wio Bank and offer an innovative embedded finance solution to our SME merchants with seamless access to financial solutions through the platform. The platform enables banks and financial institutions to underwrite based on proactive intelligence generated from transaction data created by Magnati.
“Together, Magnati and Wio Bank are committed to enhancing the financial landscape for businesses, supporting their growth, and contributing to the ongoing development of the UAE’s entrepreneurial ecosystem.”
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