Telr the UAE-based online payment gateway and LNDDO Digital Lending Limited (LNDDO), the first licensed digital SME focussed lender in the UAE and MENA region have collaborated and launched a new credit facility program for small and medium enterprises (SMEs) Telr merchants called “Telr Finance” .
LNDDO provides entrepreneurs with quick and easy access to working capital loans to grow and expand their businesses and is officially authorised and regulated by the Financial Services Regulatory Authority (FSRA) under Abu Dhabi Global Market (ADGM) jurisdiction.
The new financing partnership with LNDDO aims to finance Telr’s SME merchants get an instant pre-approval based on their e-commerce sales generated through the payment gateway with the pre-approved funds credited to their account within a week.
Eligible Telr merchants will access the credit facility by applying online through LNDDO’s web or mobile application and benefit from LNDDO’s quick credit assessment cycle. The new financing service “Telr Finance” will enable more SMEs to leverage e-commerce and digital payment development to support business continuity and growth, which aligns perfectly with the UAE’s vision to achieve a cashless society by 2021.
“Telr Finance” in collaboration with LNDDO will finance eligible SMEs to access funding of up to 100,000 US dollars. The new financing program offers loans for 3-12 months with attractive rates and with repayments easily deducted from each business’s day-to-day transactions. This will prove crucial for SMEs currently facing liquidity challenges or looking to fund expansion. “Telr Finance” will allow them to continue and expand their operations, such as purchasing new and additional inventory and servicing new orders, all while maintaining an optimized cash cycle.
LNDDO’s online application and financing capabilities powers Telr’s new financing service. It is designed to give Telr’s clientele and SME merchants quick access to funds through a user-friendly online application requiring applicants to only enter basic business information. After LNDDO’s advanced credit assessment algorithm has reviewed the business performance, qualified SMEs will be provided with a decision on how much working capital loans they are eligible for within 10 minutes.
Khalil Alami, Founder and CEO of Telr, said: “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.” Alami also added: “Many SMEs in the region are looking for instant funding to help them recover from the COVID-19 pandemic. It is where the fintech industry comes in. Fintech companies, including Telr and LNDDO, are supporting the growth of SMEs by offering different solutions to financing SMEs, including much-needed capital. Telr is always committed to introducing new services that support its merchants and enables them to grow”.
Meanwhile, Ashraf Ghazaly, Founder and CEO of LNDDO, commented: “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.
We want to make the process of getting a business loan totally inclusive and easily accessible to all. Given that the pandemic has led to an extreme increase in digital transactions across the globe, we feel that now is a very appropriate time to launch our business, and Telr is a great partner for us. By combining both our payment and lending capabilities, we want to change the landscape of the region’s SME lending industry scene and start a new trend in providing digital financing products.”