Award-winning online payment gateway Telr has recently announced their partnership with the first licensed direct digital lender in the UAE and MENA region, LNDDO. Together they have introduced a new credit facility program named “Telr Finance” which will finance Telr’s small and medium enterprises (SMEs) merchants as they expand their businesses.
Authorised and overseen by the Financial Services Regulatory Authority of Abu Dhabi Global Market, LNDDO supplies easily accessible working capital finance to entrepreneurs in the UAE. This partnership will allow SMEs to foster their businesses’ growth by leveraging e-commerce and digital payment development, allowing SMEs to receive funding of up to $100,000 dollars. The programme will offer three to twelve-month loans accompanied by handsome rates and repayments that can be comfortably subtracted from the businesses’ everyday transactions.
The partnership is significant for a variety of reasons: not only can SMEs grappling with liquidity challenges or attempting to expand can receive support while sustaining a sinuous cash cycle, they can do so with ease, thanks to LNDDO’s user-friendly online application. The partnership also brings the UAE that much closer to their goal of reaching a cashless society by 2021.
Regarding the new program, Khalil Alami, CEO of Telr, commented, “SMEs are known to be the foundation of every country’s economic growth. Sufficient funding is key in helping these enterprises to thrive, and Telr’s new financing program “Telr Finance”, in partnership with LNDDO, will enable this segment to flourish and grow.” Founder and CEO of LNDDO, Ashraf Ghazaly, chimed in: “We are looking forward to launching our lending services with Telr and presenting our digital lending solution that’s specifically created to help SMEs, support, and expand the region’s credit capacity. SMEs represent most of the companies in the region and contribute significantly to employment and GDP; however, they are grossly underrepresented in accessing credit solutions to finance their businesses.”