NEO PAY, a UAE-based payment solutions provider, has partnered with Wio Bank PJSC to introduce a Point-of-Sale (PoS) lending solution for SME merchants across the UAE.
The lending facility provides merchants with access to funds based on their sales data, bypassing the lengthy procedures typical of conventional loan approvals and credit checks.
Merchants repay loans based on their sales, which aligns instalments with revenue and eases financial pressure during slower periods.
They can use the solution to finance working capital needs, including inventory purchases, marketing, or business expansion.
Vibhor Mundhada, CEO of NEO PAY, said:
“This partnership is a step forward in making financial support more accessible and impactful for merchants and reflects NEO PAY’s commitment to merchants at every stage of their journey.”
Jayesh Patel, CEO of Wio Bank PJSC, added:
“Through our partnership with NEO PAY, we’re helping merchants access timely capital and real-time insights to manage cash flow more smoothly and grow their businesses with confidence.”
The partnership aims to provide SMEs with more immediate access to funding, helping them overcome financial barriers and support business growth.
Featured image credit: NEO PAY
