NEO PAY has joined forces with CredibleX to offer financial support to small and medium-sized enterprises (SMEs) in the UAE.

The partnership now embeds CredibleX’s financing platform into NEO PAY’s payment network, enabling merchants utilizing both the point of sale and e-commerce systems offered by NEO PAY to apply for financing based on their transaction history. CredibleX uses its scoring system to evaluate creditworthiness and determine suitable financing terms.

The new system is designed to expedite approval processes by leveraging revenue data rather than conventional credit checks. Repayment schedules are customized according to individual merchants’ financial cycles and sales patterns, as the companies have indicated.

Digital finance for SMEs

The loans can be accessed via a digital application, with funds directly deposited into approved accounts. The partnership aims at assisting SMEs in financing inventory purchases, covering operational costs, or expanding their businesses.

CredibleX functions as a licensed lender in the UAE and focuses on integrated financing solutions. NEO PAY was created to supply payment processing services for merchants, including point of sale systems and e-commerce payment gateways. This collaboration seeks to combine payment infrastructure with lending functionalities, creating an ecosystem where credit decisions are informed by real transaction data.

Both parties highlighted that this partnership enhances financial inclusion for SMEs that might lack traditional collateral or a credit history but show consistent revenue through their payment processing activities. Furthermore, they will continue to cater to the diverse needs of clients and users while ensuring compliance with relevant regulations.