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Abu Dhabi, UAE – Magnati, a leading payment solutions provider, has partnered with RAKBANK, the UAE's largest SME bank, to launch an innovative merchant financing platform. This partnership enables SME merchants to access credit facilities through RAKBANK by leveraging real-time Point of Sale (POS) transaction data translated into decision metrics for effective underwriting decisions. The platform also offers additional services, such as business loans, invoice financing, equipment financing, POS financing, receivables financing, and insurance, making it easier for SMEs to meet their financial needs efficiently.
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, uses 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 on 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."
About Magnati
Magnati is a regional leader in the payment solutions industry focused on direct acquiring, issuer processing, and acquiring processing. Magnati provides government, merchant, and institutional clients with an intelligent payments platform, using next-generation technology to deliver improved experiences and increased efficiency. The Magnati brand is charged with energy and potential and is set to transform payments into possibilities.
Headquartered in Abu Dhabi, Magnati’s expertise and relationships provide a platform for the company to attract international partners while setting a new standard for innovation and delivery in the payments industry.
Visit magnati.com for more information.
About RAKBANK
RAKBANK, also known as the National Bank of Ras Al Khaimah (P.S.C), is one of the UAE's oldest yet most dynamic banks. Since 1976, RAKBANK has been a market leader, offering a wide range of banking services across the UAE.
We’re a public joint stock company based in Ras Al Khaimah, UAE, with our head office located in the RAKBANK Building on Sheikh Mohammed Bin Zayed Road. The Government of Ras Al Khaimah holds the majority of our shares, which are publicly traded on the Abu Dhabi Securities Exchange (ADX).
RAKBANK stands out for its innovation and unwavering commitment to delivering awesome customer experiences. Our transformative digital journey aims to be a 'digital bank with a human touch,' accompanying you during key moments.
With 21 branches and advanced Digital Banking solutions, we offer a wide range of Personal, Wholesale, and Business Banking services. Through our Islamic Banking unit, RAKislamic, we provide Sharia-compliant services to make your banking experience seamless, whether you visit us in person or online.
For more information, please visit www.rakbank.ae or contact the Call Centre on +9714 213 0000. Alternatively, you can connect with us on our social media platforms:
twitter.com/rakbanklive
Instagram.com/rakbank
tiktok.com/@rakbank
linkedin.com/rakbank