Network International and Biz2X sign SME financing partnership

By Gloria Methri

Network International has announced a new SME financing partnership with Biz2X, a global FinTech company that offers technology and financing in the US, India and Australia.

The partnership aims to unlock new sources of capital for the Network’s SME merchants by leveraging payment transaction data and providing loan underwriters with real-time credit data. Merchants that use the 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.

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 Jamal Al Nassai, Group Managing Director, Acquiring, Middle East and North Africa at Network International. We are proud to empower 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.

“Our partnership with Network International fully leverages our expertise in 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.”