Abu Dhabi, United Arab Emirates: LNDDO Digital Lending Limited, a direct lender in the UAE regulated by the FSRA in the Abu Dhabi Global Market, has partnered with Magnati, a regional leader in the payment solutions industry, to empower SMEs by improving access to capital. The collaboration leverages strategic synergies between the two companies, enabling LNDDO to grant more SMEs in the UAE quick and easy ccess to working capital finance.
LNNDO uses advanced analytics and various B2B strategic partnerships, such as the venture with Magnati, to provide an exceptional level of service to its SME customers. By combining skills and expertise, Magnati and LNDDO have curated an efficient way of digitally onboarding customers and providing instant funding decisions.
For example, with this collaboration, LNDDO customers do not need to physically visit a branch to make a loan application. Magnati will introduce automated digital credit and payment processes that make the lending application even more swift and seamless for LNDDO’s customers, so that they can do this on a smartphone or computer from the comfort of their home or office. The partnership between LNDDO and Magnati uses API integrations and automated credit underwriting algorithms to significantly shorten the loans decision process to a matter of minutes, from up to eight weeks previously.
Additionally, LNDDO helps smaller creditworthy businesses build up their credit history. Corporations who may not have been able to access funding in the past can receive a helping hand in the form of accessible financing and use it to further scale up and grow their companies.
LNDDO selected Magnati because of its strong focus on merchant acquiring, consumer payment solutions, government payment solutions issuer processing and acquiring processing services. The payments company services its clients through a next-generation “Payment as a Platform” that uses advanced technology, including AI, machine learning and APIs, to drive value for its customers.
Ramana Kumar, Chief Executive Officer of Magnati, said: “Spurred by global digitisation trends and accelerated by the pandemic, digital payments have experienced a surge in popularity in the last few years. The way that loans are approved and distributed is also shifting from the physical to the digital realm and we’re excited to partner with LNDDO to offer a new and revolutionary service for our merchants. SMEs are the backbone of the UAE’s economy and we’re committed to doing all we can to help them. Our partnership ensures that SMEs are able to quickly and securely access the capital they need to scale up in the UAE.”
Ashraf Ghazaly, CEO of LNDDO, commented: “LNDDO is delighted to partner with Magnati to offer a lending solution for SMEs and entrepreneurs that is quick, easy, and efficient. We want to empower and uplift the region’s creative and digital business-minded individuals, and Magnati has the expertise and infrastructure to help us reach more companies than ever before. Using the next-generation technologies provided by Magnati, such as APIs, artificial intelligence, and machine learning capabilities, we hope to vastly improve our already exceptional customer experience and take our thriving business to the next level of digitisation. Our partnership is a great example of the amazing and unprecedented level of service that can be achieved when financial institutions and FinTech companies join forces.”
Kazim Kirmani, Managing Director and Head of Products and Data, Magnati, said: “The payment landscape in the Middle East is constantly changing, and by partnering with technology-driven companies like LNDDO, we continue improving and tailoring our cutting-edge offering to help businesses achieve accelerated growth. This is just the beginning of Magnati’s rollout of initiatives under our “Payment as a Platform” strategy to ensure businesses stand in good stead to deal with changing customer demands and evolving trends. We will continue to offer smart solutions that drive value for our business partners.”
Adham Azzam, COO of LNDDO: “Here at LNDDO, we’re excited to use this new partnership to try and empower more SMEs across the UAE than ever before, and we also hope to expand our reach to Egypt and Saudi Arabia by the end of the year. It’s also important to us that we help businesses who previously didn’t qualify for funding. Our loans will help companies progress to the next level and build a strong credit history in the process.”
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 that monetises data, 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 Magnati to attract international partners, while setting a new standard for innovation and delivery in the payments industry.
LNDDO is the first licensed direct digital credit lender in the UAE and MENA region. Launched in 2021, it is officially authorised by the Financial Services Regulatory Authority (FSRA) under Abu Dhabi Global Market (ADGM).
LNDDO intends to build trust in its digital lending solutions by addressing specific pain points that affect many merchant’s lives. Allowing businesses to grow by accessing finance in minutes, LNDDO’s value proposition is centered around digitising the merchant’s borrowing journey through a fully online onboarding process. The company uses advanced analytics to analyse its customers’ information to underwrite credit risks.
A digital lending service that focuses on helping small to medium-sized businesses grow, prosper and recover from the difficulties of the COVID-19 pandemic, it aims to encourage creativity and original ideas, and strengthen the UAE’s economy as a whole.
Specialising in flexible, short-term loans that businesses may use for essential equipment, adding fresh inventory, augmenting services or optimising cash cycles, LNDDO’s unique selling point is its quick and easy application process where a decision is provided within minutes. By visiting the LNDDO app or downloading LNDDO’s iOS or Android mobile application, businesses can get their loan approved online in minutes, and receive their desired funds within one week.