RAKBANK Renews Fintech Partnership With Invoice Bazaar to Ease SME Fundingby Fintechnews Middle East 8. January 2021
The National Bank of Ras Al Khaimah (RAKBANK) has announced the renewal of its partnership with Invoice Bazaar, a Dubai startup operating in the area of receivables finance.
The renewed partnership is part of the bank’s strategy to offer small and medium businesses (SME) financial solutions to e-commerce traders that include a comprehensive suite of banking services, short term working capital loans, cloud based accounting solutions, and instant access to RAKBANK SMEsouk portal.
The e-commerce solution is available to SMEs and retailers of all sizes, including startups with RAKstarter Zero Balance Account.
Additionally, the solution covers businesses’ preferential terms on Point of Sale (POS) terminals, mPOS and all other payment gateways. The financial solutions offered by RAKBANK through Invoice Bazaar platform are short-term loans to SMEs that supply bigger e-commerce players against receivables generated on the e-commerce portal.
Commenting on this strategic partnership, Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK said,
“We at RAKBANK have always looked towards providing all-encompassing banking solutions to our business customers of all sizes. This past year has seen a surge in e-commerce trends, which has definitely been fueled by the recent pandemic, and this resulted in a shift in the way businesses are operating and what the new normal means for them. It is key that we renew our partnership with the distinctive fintech solutions offered by Invoice Bazaar to create a seamless financing experience for all our business customers.”
Anand Nagaraj, the Co-founder and CEO of Invoice Bazaar, said:
“RAKBANK has been our first partner bank on the supply chain financing platform, and we are once again extremely pleased that RAKBANK is the first bank to partner with us on the e-commerce proposition. RAKBANK is the biggest SME bank in UAE and this partnership will help us reach the SMEs who derive a large amount of revenue from online orders, and who would otherwise face challenges finding the appropriate financing solutions for their business model and scale of operations.”
Featured image credit: Edited from InvoiceBazaar