Magnati, Wio Bank partner to support businesses with embedded finance solutions

Magnati, a payment solutions provider in the Middle East, has partnered with Wio Bank PJSC. This partnership enables Wio Bank to expand access to support business growth by providing fast access to financing using Magnati's platform, simplifying cash flow management and credit access. Loan EMIs are automatically deducted from daily payouts, streamlining the repayment process for merchants. This collaboration supports the UAE's ambitions for economic growth by enabling businesses across the country to access faster credit, helping them grow and thrive in a competitive market. Jayesh Patel, CEO of Wio Bank PJSC, said, 'Our collaboration with Magnati addresses a key challenge for businesses-quick and easy access to finance. We are simplifying the process for businesses to obtain credit and manage their finances, allowing them to focus on growth. This partnership aligns with our goal to foster growth for business of all sizes and drive entrepreneurship to support the ecosystem in the UAE.' Ramana Kumar, CEO of Magnati, said, 'The platform enables banks and financial institutions to underwrite based on proactive intelligence generated from transaction data created by Magnati. Together, Magnati and Wio Bank are committed to enhancing the financial landscape for businesses, supporting their growth, and contributing to the ongoing development of the UAE's entrepreneurial ecosystem.' Source: Emirates News Agency