The National Bank of Ras Al Khaimah (RAKBANK) has announced the renewal of its partnership with the fintech platform Invoice Bazaar. The renewed partnership is in line with the Bank’s strategy of creating an efficient ecosystem and environment for SMEs by offering unique financial solutions to e-commerce traders that include a comprehensive suite of banking services, short term working capital loans, cloud-based accounting solutions, and instant access to RAKBANK SMEsouk portal.
The e-commerce solution is available to SMEs and retailers of all sizes, including start-ups with RAKstarter Zero Balance Account. Additionally, the solution covers businesses’ preferential terms on Point of Sale (POS) terminals, mPOS and all other payment gateways. The financial solutions offered by RAKBANK through Invoice Bazaar platform are short term loans to the small and medium businesses that supply bigger e-commerce players against receivables generated on the e-commerce portal.
Dhiraj Kunwar, the Managing Director of Business Banking at RAKBANK, said: “We at RAKBANK have always looked towards providing all-encompassing banking solutions to our business customers of all sizes. This past year has seen a surge in e-commerce trends, which has definitely been fuelled by the recent pandemic, and this resulted in a shift in the way businesses are operating and what the new normal means for them. 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. We actively encourage our customers to create an online presence and bank digitally.”
RAKBANK was founded in 1976 and underwent a major transformation in 2001 as it rebranded and shifted its focus from purely corporate to retail and small business banking. In addition to offering a wide range of Personal Banking services, the Bank increased its lending in the traditional SME, Commercial, and Corporate segment in recent years. Invoice Bazaar is a Dubai based fintech start-up which has developed a technology platform through an in-house technology entity, for offering Supply Chain Finance, Receivables Finance and Dynamic Discounting. The platform provides the opportunity for large buyers to help their SME suppliers by having their receivables paid early.
Anand Nagaraj, the Co-founder and CEO of Invoice Bazaar, said: “RAKBANK has been our first partner Bank on the Supply Chain Financing platform, and we are once again extremely pleased that RAKBANK is the first Bank to partner with us on the e-commerce proposition. The scope is wide in that domain and while we, at Invoice Bazaar, have made significant progress in our e-commerce offering and we will continue to focus our efforts to better understand the various facets of this specific area. 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.”