NEO PAY, a UAE-based payment solutions provider, has announced a strategic partnership with digital banking platform Wio Bank PJSC to launch a new Point-of-Sale (PoS) lending solution aimed at Small and Medium-sized Enterprises (SMEs) across the Emirates.
A New Approach to SME Financing
The collaboration introduces a lending facility that provides merchants with direct access to funds based on their historical sales data. This innovative model bypasses the often lengthy and complex procedures associated with conventional loan approvals and rigorous credit checks, offering a more streamlined path to capital.
The solution is designed to help businesses overcome immediate financial barriers and secure the necessary resources for growth.
Aligning Repayments with Revenue
A key feature of the PoS lending solution is its flexible repayment structure. Merchants will repay their loans based on a percentage of their sales, which directly aligns instalment amounts with revenue streams. This dynamic approach is intended to ease financial pressure on businesses, particularly during slower commercial periods, by ensuring that repayment obligations scale with their sales performance.
Merchants can leverage the funds for a variety of working capital needs, from purchasing inventory and funding marketing campaigns to executing broader business expansion plans.
Empowering Merchant Growth
The partnership underscores a shared commitment to supporting the UAE’s vibrant SME ecosystem by providing more immediate and accessible funding options.
Vibhor Mundhada, CEO of NEO PAY, commented on the initiative, stating, “This partnership is a step forward in making financial support more accessible and impactful for merchants and reflects NEO PAY’s commitment to merchants at every stage of their journey.”
Jayesh Patel, CEO of Wio Bank PJSC, added, “Through our partnership with NEO PAY, we’re helping merchants access timely capital and real-time insights to manage cash flow more smoothly and grow their businesses with confidence.”
About NEO PAY
NEO PAY is a payment solutions provider based in the UAE. The company is focused on delivering innovative financial technologies and support systems to help merchants manage and grow their businesses effectively.
Source: Fintech News Middle East
