Abu Dhabi’s LNDDO ties up with Magnati to boost SMEs’ access to capital

By Amirtha P S, Desk Reporter
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LNDDO Digital Lending Limited, Abu Dhabi-based pioneer of digital lending for small and medium-sized enterprises (SMEs) has teamed up with Magnati, a regional leader in the payment solutions industry, to strengthen the SME sector by improving their access to capital.

The partnership leverages strategic synergies between the two companies, enabling LNDDO to grant more SMEs in the UAE quick and easy access to working capital finance.

LNDDO uses advanced analytics and various business-to-business (B2B) strategic collaborations, such as the venture with Magnati, to offer an exceptional level of service to its SME customers. Magnati and LNDDO have curated an efficient way of digitally onboarding customers and providing instant funding decisions.

With this collaboration, LNDDO customers do not need to physically visit a branch to make a loan application. Magnati will introduce automated digital credit and payment processes that make the lending application even more swift and seamless for LNDDO’s customers so that they can do this on a smartphone or computer from the comfort of their home or office. 

The partnership between LNDDO and Magnati uses API integrations and automated credit underwriting algorithms to significantly shorten the loans decision process to a matter of minutes, from up to eight weeks previously.

Further, LNDDO helps smaller creditworthy businesses build up their credit history. Corporations who may not have been able to access funding in the past can receive a helping hand in the form of accessible financing and use it to further scale up and grow their companies. 

Ramana Kumar
Ramana Kumar
CEO – Magnati

“Spurred by global digitization trends and accelerated by the pandemic, digital payments have experienced a surge in popularity in the last few years. The way that loans are approved and distributed is also shifting from the physical to the digital realm and we’re excited to partner with LNDDO to offer a new and revolutionary service for our merchants. SMEs are the backbone of the UAE’s economy and we’re committed to doing all we can to help them. Our partnership ensures that SMEs are able to quickly and securely access the capital they need to scale up in the UAE.”

Mr. Ashraf Ghazaly, CEO of LNDDO, stated, “LNDDO is delighted to partner with Magnati to offer a lending solution for SMEs and entrepreneurs that are quick, easy, and efficient. We want to empower and uplift the region’s creative and digital business-minded individuals, and Magnati has the expertise and infrastructure to help us reach more companies than ever before. Using the next-generation technologies provided by Magnati, such as APIs, artificial intelligence (AI), and machine learning capabilities, we hope to vastly improve our already exceptional customer experience and take our thriving business to the next level of digitization.”

LNDDO selected Magnati because of its strong focus on merchant acquiring, consumer payment solutions, government payment solutions issuer processing and acquiring processing services. The payments company services its clients through a next-generation “Payment as a Platform” that uses advanced technology, including AI, machine learning and APIs, to drive value for its customers. 

Related: Aafaq Islamic Finance & AFS unite to support UAE fintech startups