RAKBANK Renews Collaboration With Invoice Bazaar To Help SMBs

The National Bank of Ras Al Khaimah (RAKBANK) has renewed its collaboration with Dubai-based FinTech Invoice Bazaar, according to a Monday (Jan. 4) announcement emailed to PYMNTS.

The renewed collaboration follows the bank’s plan of making an efficient ecosystem and environment for small and medium-sized enterprises (SMEs) by providing online merchants with differentiated financial offerings.

RAKBANK Managing Director of Business Banking Dhiraj Kunwar said the financial institution has always looked to offer all-encompassing banking offerings to business clients of different 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,” Kunwar said. “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.”

The eCommerce offering is available to SMEs and merchants of different sizes, with the inclusion of upstarts via the RAKstarter Zero Balance Account. Moreover, the offering covers firms' preferential terms on point of sale (POS) systems, mobile point of sale (mPOS) systems and every other payment gateway.

The financial solutions offered by the financial institution via the Invoice Bazaar infrastructure are short-term loans to the small and medium-sized businesses (SMBs) that supply larger eCommerce entities against the receivables created on the online shopping portal.

“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,” Invoice Bazaar Co-Founder and CEO Anand Nagaraj said in the announcement.

In June, RSA Global announced a partnership with Invoice Bazaar. The work between the two Dubai-based companies allows RSA Global to provide its customers with the capacity to get financing with inventory located its facilities as collateral.