UAE’s first licensed fintech LNDDO goes live on Mambu

Ashraf Ghazaly, CEO of LNDDO

Abu Dhabi: LNDDO Digital Lending Limited, the first fintech granted with a Category II Banking License by the FSRA in the ADGM (Abu Dhabi Global Market), today officially announced its partnership with Mambu, the SaaS cloud banking platform. LNDDO and Mambu have been working behind the scenes for the past year in order to develop a scalable digital lending solution for SMEs in the UAE and beyond. LNDDO provides short-term working capital finance to small and medium enterprises in the United Arab Emirates and, thanks to Mambu’s speedy deployment, these offerings will be enhanced with new features in the coming months. 

LNDDO was founded to cater to SMEs through a fully digital onboarding experience, a new way of lending in the UAE. LNDDO’s key differentiator is a five minute 100% digital onboarding process and a ten minute credit decisioning, the fastest in the region. To ensure swift processes and customer engagement, the fintech needed a cloud-native banking platform.

Announcing the go live, Ashraf Ghazaly, CEO of LNDDO, said: “We are a fully cloud company that was established in the midst of the pandemic. Cloud has been instrumental to our success and allowed us to design and develop a digital lender remotely. We wanted to build a solution offering underserved SMEs in the Middle East quick and easy access to financing. We chose Mambu because it is highly renowned in its space and there are numerous examples of fintechs and other financial institutions successfully working with their SaaS platform. We believe that Mambu is a perfect partner to help us realise our ambitions.”

LNDDO examined the wider core banking market to find the most flexible, scalable and secure solution. In particular, the lender prioritised a configurable SaaS platform designed for easy implementation and fast deployment. LNDDO partnered with Mambu and following a quick six week implementation, successfully built its first credit product – a Merchant Cash Advance product. LNDDO also became the first fintech to integrate with the UAE Pass and other government entities to verify commercial data in order to optimise the customer journey, enhancements which it will be launching within the next few months.

Miljan Stamenkovic, General Manager of Mambu in the Middle East and North Africa, added: “LNDDO is a pioneer of digital lending in the region. The team built an elegant solution that will simplify daily financial management for small and medium-sized enterprises. Automating stressful and time-consuming processes will lift the burden for many SMEs that represent over 94 per cent of all businesses in the UAE. This will be a true game changer for UAE’s economic landscape and we cannot wait to see the impact LNDDO’s service and technology will have on the market.”

LNDDO’s customers have access to flexible, short-term loans that can be used to purchase inventory, service new orders or optimise cash cycles. SMEs can apply in minutes, select their desired repayment terms, and receive funds within one week. Following a successful launch, LNDDO plans to further leverage Mambu to extend its product portfolio and expand geographically in the region.

About Mambu:

Mambu is the world’s only true SaaS cloud banking platform. Launched in 2011, Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. Our unique composable approach means that independent components, systems and connectors can be assembled in any configuration to meet business needs and end user demands. Mambu has 800 employees​ that support 200 customers in over 65 countries – including N26, BancoEstado, OakNorth, Raiffeisen Bank, ABN AMRO, Bank Islam and Orange Bank.

About LNDDO Digital Lending Limited:

LNDDO is the first licensed direct digital 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 merchants’ lives. Allowing businesses to grow by accessing finance in minutes, LNDDO’s value proposition is centered around digitalising the merchant’s borrowing journey through a fully online onboarding process. The company uses advanced analytics to analyze 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.