Dubai, UAE – July 29, 2024 – Network International (Network), the leading enabler of digital commerce across the Middle East and Africa, and Biz2X®, a global fintech with a robust presence in the U.S., India, and Australia, today announced a groundbreaking partnership. The collaboration aims to unlock new sources of capital for Network’s SME merchants by leveraging payment transaction data to provide loan underwriters with real-time credit insights.
The partnership will enable merchants using Network’s payments platform to access a variety of digital financing options. These options, embedded via the Biz2X platform, are expected to be available to Network’s UAE-based SME merchants early in the fourth quarter of 2024.
Key Benefits of the Partnership:
- Fast Access to Capital: Network’s merchants will benefit from rapid financing solutions, with loan processing times as short as 48 hours.
- Data-Driven Financing: The Biz2X platform utilizes Network’s merchant transaction and settlement data to prequalify merchants for financing, minimizing documentation requirements and expediting approval processes.
- Seamless Onboarding Process: Merchants will experience a quick and smooth onboarding process, thanks to the integration of Biz2X’s lending solution within Network’s platform.
- Multi-Lender Finance Ecosystem: Merchants will have access to a diverse range of financing options from multiple lenders, including banks and alternative finance providers.
- Flexible Repayment Options: The platform supports various repayment methods, such as settlement advances, credit card splits, and repayment against receivables, allowing merchants to choose the most suitable repayment strategy for their cash flow needs.
- End-to-End Loan Lifecycle Management: Lenders will have continuous digital monitoring of their active loan portfolios, enhancing regulatory compliance and minimizing risk through real-time oversight.
Lenders, including banks and fintechs, will leverage Biz2X’s digital underwriting platform to establish customized credit parameters and guidelines. Utilizing comprehensive data from Network’s platform, lenders will have access to detailed financial transaction data, enabling precise credit assessments and automated decision-making, thereby reducing the need for human intervention.
Jamal Al Nassai, Group Managing Director, Acquiring, Middle East and North Africa at Network International, commented on the partnership: “This collaboration with Biz2X is part of our ongoing commitment to bringing the latest digital finance technology to the Middle East. We are proud to empower SME merchants with financing opportunities, fostering a thriving SME sector in the UAE. Combining our payments data with Biz2X’s digital underwriting expertise offers a significant advantage to both lenders and merchants.”
Ronen Spivak, Group Head of Value-Added Services, Managing Director at Network International, added: “By embedding lending options directly into our payment ecosystem, we’re creating a seamless financial experience that meets the evolving needs of modern businesses. Leveraging real-time transaction data streamlines the lending process, enables more accurate risk assessment, and provides faster approvals and tailored financing options for our SMEs.”
Rohit Arora, CEO of Biz2X, stated: “Our partnership with Network International fully leverages our expertise in delivering embedded financing options to merchants worldwide. Our mission is to expand SME access to capital by making financing accessible and efficient for business owners everywhere. This partnership is set to significantly enhance SME access to credit in the UAE, a market with rapidly growing small businesses.”
This strategic partnership between Network International and Biz2X marks a significant step forward in the evolution of digital finance solutions in the UAE, providing crucial support for the country’s burgeoning SME sector.
