UAE-based lending platform Lnddo has partnered with global SaaS cloud banking platform Mambu to develop a scalable digital lending solution for SMEs.
According to a statement, Lnddo’s short-term working capital finance offerings will be enhanced with new features in the coming months, through the partnership with Germany-headquartered Mambu.
Lnddo provides five minute 100% digital onboarding and ten minute credit decisioning solutions to SMEs in the UAE. It will be relying on Mambu for cloud-native banking support to drive swift processes and customer engagement, the company said.
Lnddo built its first credit product, a Merchant Cash Advance solution, after a six week implementation through its partnership with Mambu. It also integrated with the UAE’s universal identity verification system UAE Pass, as well as other government entities, to verify commercial data. These additions will be launched in the coming months.
Further, Lnddo also plans to extend its product portfolio and expand geographically in the region through its collaboration with Mambu.
“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,”
Ashraf Ghazaly, CEO of Lnddo, said.
Lnddo holds a Category II Banking License by the Abu Dhabi Global Market’s Financial Services Regulatory Authority.
Meanwhile, Mambu ventured into the Middle East market last year, after they established a new office in Abu Dhabi.
“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,”
said Miljan Stamenkovic, General Manager of Mambu in the MENA region.
Featured image: Unsplash (edited)
