Telr and LNDDO Partner to Give Merchants Quick and Easy Access to Working Capital Loans
By Edlyn Cardoza
- Abu Dhabi Global Market
- Digital loan
- Financial Services Regulatory Authority
Telr, the UAE-based online payment gateway and LNDDO Digital Lending Limited (LNDDO), the first authorized digital lender focused on SMEs in the UAE and MENA region, have collaborated and launched a new credit facility program for SMEs. small and medium-sized enterprises (SMEs) Telr merchants called “Telr Finance”.
LNDDO provides entrepreneurs with quick and easy access to working capital loans to develop and grow their businesses and is officially authorized and regulated by the Financial Services Regulatory Authority (FSRA) under the jurisdiction of the Abu Dhabi Global Market (ADGM).
The new funding partnership with LNDDO aims to fund Telr’s SME merchants to obtain 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 period of one week.
Eligible Telr merchants will access the credit facility by applying online through LNDDO’s web or mobile app and will benefit from LNDDO’s rapid credit assessment cycle. The new ‘Telr Finance’ financing service will enable more SMEs to take advantage of the development of e-commerce and digital payment to support business continuity and growth, which fits perfectly with the UAE’s vision to achieve a cashless society by 2021.
âTelr Financeâ, in collaboration with LNDDO, will finance eligible SMEs to access financing of up to US $ 100,000. The new financing program offers loans from 3 to 12 months with attractive rates and repayments easily deducted from the daily transactions of each company. This will prove crucial for SMEs currently facing liquidity problems or seeking to finance their expansion. “Telr Finance” will allow them to continue and expand their operations, such as purchasing new inventory and other inventory and processing new orders, while maintaining an optimized cash cycle.
LNDDO’s online application and financing capabilities are fueling Telr’s new financing service. It is designed to give Telr customers and SME traders quick access to funds through a user-friendly online application requiring applicants to enter only basic business information. After LNDDO’s advanced credit scoring algorithm reviews the performance of the business, qualified SMEs will receive a decision on how many working capital loans they are eligible for within 10 minutes.
Khalil Alami, The founder and CEO of Telr said: âSMEs are known to be the foundation of economic growth in every country. Sufficient funding is essential to help these businesses thrive, and Telr’s new financing program âTelr Financeâ, in partnership with LNDDO, will allow this segment to prosper and grow. Alami also added, âMany SMEs in the region are looking for instant funding to help them recover from the COVID-19 pandemic. This is where the fintech industry comes in. FinTech companies, including Telr and LNDDO, are supporting the growth of SMEs by providing different financing solutions for SMEs, including much-needed capital. Telr is always committed to introducing new services that support its merchants and allow them to grow â.
During this time, Achraf Ghazaly, Founder and CEO of LNDDO, commented: âWe look forward to launching our lending services with Telr and showcasing our digital lending solution specially created to help SMEs, support and expand the region’s credit capacity. SMEs represent most businesses in the region and contribute significantly to employment and GDP; however, they are grossly under-represented in accessing credit solutions to finance their businesses.
We want to make the process of obtaining a business loan completely inclusive and easily accessible to everyone. Since the pandemic has resulted in an extreme increase in digital transactions across the world, we believe now is a very suitable 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 and start a new trend in the provision of digital finance products.
BitOasis Closes $ 30 Million Series B Funding