Network International has unveiled a new strategic partnership with Biz2X, a global fintech firm known for its technology and financing solutions across the US, India, and Australia. This collaboration is designed to unlock new capital sources for Network’s SME merchants by utilizing payment transaction data and providing real-time credit insights to loan underwriters.
Through this partnership, SMEs using Network International’s payments platform will gain digital access to various financing options, with Biz2X embedding credit offers directly into the platform. SME merchants in the UAE can expect these financing options to become available early in the fourth quarter of 2024.
The collaboration will see lenders, including banks and fintech companies, using Biz2X’s digital underwriting platform to create tailored credit parameters and guidelines. By tapping into Biz2X’s extensive data ecosystem, these lenders will receive detailed financial transaction data for each applying merchant, facilitating accurate and expedited credit assessments.
Biz2X’s platform supports automated credit decision-making, allowing lenders to provide financing swiftly and with minimal manual intervention.
Jamal Al Nassai, Group Managing Director, Acquiring, Middle East and North Africa at Network International, emphasized the partnership’s significance, stating, “Our collaboration with Biz2X underscores our commitment to advancing digital finance technology in the Middle East. We are excited to offer SME merchants enhanced financing opportunities, further strengthening the UAE’s SME sector. Combining our payments data with Biz2X’s digital underwriting capabilities provides a distinct advantage for both lenders and merchants.”
Rohit Arora, CEO of Biz2X, highlighted the global impact of the partnership, saying, “This alliance leverages our expertise in delivering embedded financing solutions to merchants worldwide. Our goal is to broaden SME access to capital, making financing more accessible and efficient for business owners. We anticipate significant expansion of credit access for SMEs in the UAE, a market with rapidly growing small businesses.”