NEO PAY, a UAE-based payment solutions provider, has partnered with Wio Bank PJSC, the region’s leading digital financial platform, to launch a new Point-of-Sale (PoS) lending solution tailored for small and medium-sized enterprises (SMEs).
The collaboration aims to address a critical pain point for merchants: access to capital. By leveraging sales data directly from PoS terminals, the new facility offers swift access to funds, bypassing the lengthy approval processes and credit checks often associated with traditional banking.
Revenue-based repayments
A key feature of the solution is its repayment model, which links instalments directly to a merchant’s revenue flow. This structure ensures that repayments scale down during slower sales periods, easing financial pressure and fostering greater stability for businesses.
The facility is designed to provide working capital for essential growth activities, including inventory purchases, marketing campaigns, and business expansion.
Vibhor Mundhada, CEO of NEO PAY, commented on the launch: “We’re thrilled to collaborate with Wio Bank to launch a groundbreaking PoS lending solution, designed to empower merchants with quick and easy access to the capital they need for growth. This partnership is a step forward in making financial support more accessible and impactful for merchants and reflects NEO PAY’s commitment to merchants at every stage of their journey.”
Jayesh Patel, CEO of Wio Bank PJSC, highlighted the strategic importance of the sector: “SMEs are at the heart of the UAE’s economy, and at Wio Bank, our priority has always been to make banking work better for them. Through our partnership with NEO PAY, we’re helping merchants access timely capital and real-time insights to manage cash flow more smoothly and grow their businesses with confidence.”
Wio Bank, headquartered in Abu Dhabi and backed by investors including ADQ and First Abu Dhabi Bank (FAB), continues to expand its footprint in the embedded finance space. Meanwhile, NEO PAY, with an annual processed payment volume of over $30billion, reinforces its position as a key enabler of digital payments in the region.