RAKBANK Renews Fintech Partnership With Invoice Bazaar to Ease SME Funding

RAKBANK Renews Fintech Partnership With Invoice Bazaar to Ease SME Funding

The National Bank of Ras Al Khaimah (RAKBANK) has announced the renewal of its partnership with Invoice Bazaar, a Dubai startup operating in the area of receivables finance.

The renewed partnership is part of the bank's strategy to offer small and medium businesses (SME) 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 startups 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 SMEs that supply bigger e-commerce players against receivables generated on the e-commerce portal.

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Commenting on this strategic partnership, Dhiraj Kunwar, Managing Director of Business Banking at RAKBANK said,

Dhiraj Kunwar

"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 fueled by the recent pandemic, and this resulted in a shift in the way businesses are operating and what