Abu Dhabi, UAE – Magnati, a leading payment solutions provider in the Middle East, has partnered with Wio Bank PJSC, the region’s first platform bank to provide embedded finance solutions through an innovative merchant financing platform. 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.

Magnati’s platform integrates real-time Point of Sale (POS) payment data to offer financial solutions to merchants. Businesses can access credit facilities through the Wio Business digital banking platform, and benefit from the platform’s range of services, including business loans, invoice financing, equipment financing, POS financing, receivables financing, and insurance—all tailored to support SMEs and larger enterprises.

Wio Business, the bank's first digital banking application, caters to businesses of all sizes from small and medium enterprises (SMEs) to larger corporates and freelancers. 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.

As the financial partner, Wio Bank utilizes proactive decision-making insights from the platform to assess the performance and financial health of businesses, enabling accurate and timely lending decisions. This approach allows businesses to access finance that fits their needs while supporting their long-term growth.

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: “We are thrilled to partner with Wio Bank and offer an innovative embedded finance solution to our SME merchants with seamless access to financial solutions through the platform. 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.”

About Magnati

Magnati is a regional leader in the payment solutions industry focused on direct acquiring, issuer processing, and acquiring processing. Magnati provides government, merchant, and institutional clients with an intelligent payments platform, using next-generation technology to deliver improved experiences and increased efficiency. The Magnati brand is charged with energy and potential and is set to transform payments into possibilities.

Headquartered in Abu Dhabi, Magnati’s expertise and relationships provide a platform for the company to attract international partners while setting a new standard for innovation and delivery in the payments industry.

Visit magnati.com for more information.

About Wio Bank

Founded in Abu Dhabi, UAE, in September 2022, Wio Bank PJSC is the region’s first platform bank bringing together the capabilities of Digital Banking Applications, Embedded Finance, and Banking-as-a-Service. Wio is an integrated digital banking platform jointly owned by Abu Dhabi Developmental Holding Company (ADQ), Alpha Dhabi Holding, e&, and First Abu Dhabi Bank (FAB) – with an initial capital outlay of AED 2.3 billion. The bank is licensed and regulated by the Central Bank of the UAE.

Wio Bank PJSC and its products have been launched both locally and regionally, and recent recognitions include being named as “MENA Digital Bank of the Year”, “Best Neobank – UAE”, “Best Digital Bank Newcomer” and the “Most Innovative Mobile Banking App – UAE”.  Recently, Wio Bank has also topped the 2024 Forbes Middle East Fintech 50 list, further solidifying its reputation as a leader in the digital banking space.

 For more information, visit www.wio.io