RAKBANK, Magnati launch new merchant financing platform

Image: RAKBANK

Payment solutions provider Magnati has partnered with RAKBANK to launch a new merchant financing platform.

This strategic partnership enables SME merchants to access credit facilities through RAKBANK by leveraging real-time point-of-sale (POS) transaction data.

The platform translates POS transaction data into actionable decision metrics, enabling the bank to underwrite loans more effectively.

How the platform helps merchants

In addition to business loans, the platform offers a range of financial services, including invoice financing, equipment financing, POS financing, receivables financing, and insurance, catering to the diverse needs of SMEs.

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

The bank’s expertise in SME lending, combined with the platform’s real-time merchant financial insights, will provide faster credit access for SMEs, supporting their long-term business sustainability.

Magnati-RAKBANK collab to empower businesses

Ramana Kumar, CEO of Magnati, expressed enthusiasm for the partnership, stating, “This partnership empowers businesses to succeed by providing faster and more streamlined access to financial services.

“Our platform enables banks and financial institutions to make informed lending decisions based on proactive intelligence generated from transaction data.”

Dhiraj Kunwar, MD of Business Banking at RAKBANK, emphasised the bank’s commitment to providing innovative financial solutions to empower SMEs. He highlighted the partnership with Magnati as a means to offer seamless access to funding and essential financial services.