Magnati, a leading payment solutions provider, has partnered with Rakbank, the UAE's largest SME bank, to launch an innovative merchant financing platform, enabling SME merchants to access credit facilities through the bank, by leveraging real-time Point of Sale (POS) transaction data, which is translated into decision metrics for effective underwriting, a report said.

The platform also offers additional services, such as business loans, invoice financing, equipment financing, POS financing, receivables financing, and insurance, allowing SMEs to meet their financial needs more efficiently, Emirates News Agency, WAM, said.

Merchants using Magnati’s payment solutions benefit from a streamlined loan application process, with repayments automatically deducted from daily payouts, improving merchant cash flow management.

Rakbank, with its expertise in SME lending, will utilise the platform’s real-time merchant financial insights to underwrite loans quickly and accurately, ensuring faster credit access for SMEs and supporting long-term business sustainability.

Ramana Kumar, CEO of Magnati, said: "We are excited to partner with Rakbank to provide embedded finance solutions for our SME merchants.

“Through this partnership, we can offer faster, more streamlined access to financial services through our platform that will enable businesses to succeed.

“The platform enables banks and financial institutions to underwrite based on proactive intelligence generated from transaction data created by Magnati. Together, Magnati and Rakbank are committed to enhancing the financial ecosystem for SMEs and supporting the growth of the UAE's vibrant entrepreneurial sector."

Dhiraj Kunwar, Managing Director of Business Banking at Rakbank, said: "Being the leading SME bank in the UAE, Rakbank is committed to providing innovative and tailored financial solutions that empower businesses to grow and thrive.

“Our partnership with Magnati is designed to offer SMEs seamless access to funding and essential financial services. By leveraging real-time data, we are able to make faster, better-informed lending decisions, helping businesses unlock new opportunities and achieve long-term success." – TradeArabia News Service