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Magnati and Wio Bank partner to offer embedded finance solutions

By Gloria Methri

October 04, 2024

  • business loans
  • Cash Flow Management
  • Credit Access
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Wio Bank, Magnati, Merchant Financing, SME Lending, Business Loans, Digital Bank, UAEMagnati, a payment solutions provider in the Middle East, has partnered with Wio Bank PJSC, the region’s first platform bank, to provide embedded finance solutions through a merchant financing platform. This collaboration enables businesses across the UAE to access faster credit, helping them grow and thrive in a competitive market.

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 Business digital banking platform and benefit from the platform’s range of services, including business loans, invoice financing, equipment financing, POS financing, receivables financing, and insurance—all tailored to support SMEs and larger enterprises.

Wio Business, the bank’s first digital banking application, 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 by providing fast access to financing using Magnati’s platform, simplifying cash flow management and credit access. Loan EMIs are automatically deducted from daily payouts, streamlining the repayment process for merchants.

As the financial partner, Wio Bank uses proactive decision-making insights from the platform to assess businesses’ performance and financial health, enabling accurate and timely lending decisions. This approach allows businesses to access finance that fits their needs while supporting their long-term growth.

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, added, “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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