Dubai, UAE; 19 January 2025: NEO PAY, the UAE’s fast-growing payment solutions provider, has partnered with Wio Bank PJSC, the Middle East’s leading digital financial platform, to introduce a Point-of-Sale (PoS) lending solution, designed for SME merchants across the UAE.
The launch of this lending solution reflects NEO PAY’s commitment to empowering SMEs with the financial tools they need to grow and compete in today’s dynamic market.
Vibhor Mundhada, CEO of NEO PAY, said: “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. Together, we’re shaping the future of merchant financing across the UAE.”
Jayesh Patel, CEO of Wio Bank PJSC, said: “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. Together, we’re supporting the UAE’s ambition to build a thriving, future-ready economy.”
The new lending facility provides merchants with swift access to funds based on their sales data, eliminating the lengthy processes typical of traditional loan approvals and credit checks. This innovation fosters financial stability as repayments are linked to sales, ensuring that instalments match revenue flows and easing financial pressures during slower sales periods. This facility empowers SMEs by offering working capital for purposes such as inventory purchases, marketing strategies, or business expansion. It allows them to seize growth opportunities without the delays associated with conventional loan approval processes.
This partnership between NEO PAY and Wio Bank empowers SMEs with seamless access to funding, enabling them to overcome financial barriers and drive growth. By supporting the SME ecosystem, both companies reaffirm their commitment to fostering economic resilience in the UAE.
**** END ****
About NEOPAY
NEOPAY, is the digital payments enabler of choice in the region. NEOPAY provides market leading merchant acquiring services, payment processing solutions as well as a host of value added services like integrated wallets, SaaS based solutions, BNPL, data analytics etc. With a total annual processed payment volume of over USD 30 Billion, NEOPAY has pioneered key innovations in the payments space in the region.
You can know more about how NEOPAY is adding value to its customers at www.neopay.ae
About Wio Bank PJSC
Wio Bank PJSC, the Middle East’s leading digital financial platform, is reimagining banking for individuals and businesses. Headquartered in Abu Dhabi and backed by strategic investors including ADQ, Alpha Dhabi, e&, and First Abu Dhabi Bank (FAB), Wio combines cutting-edge technology with a human-centric approach to deliver seamless, personalised financial solutions.
For personal banking, Wio offers smart tools and insights to help users take control of their finances, enabling them to save, spend, and grow with ease. For businesses, Wio goes beyond traditional banking by providing entrepreneurs and SMEs with a comprehensive digital platform designed to streamline operations, unlock growth opportunities, and simplify financial management.
Wio is redefining the banking landscape as a market leader in Banking-as-a-Service (BaaS) and embedded finance, delivering innovative solutions that empower people, businesses, and communities with the infrastructure they need to access long-term wealth creation. By offering an end-to-end, frictionless digital platform for both retail and business customers, Wio is disrupting traditional banking models, creating operational efficiencies, and unlocking value-added services through a transparent, personalised customer experience.
Wio Bank’s commitment to innovation has been widely recognized, being named ‘#1 Fintech in MENA’ by Forbes Middle East and ‘Digital Bank of the Year’ at both the E-Business Awards 2024 and Tech Innovation Awards 2024. The bank has also received ‘Best Retail Banking Digital App Experience’ award, ‘SME Bank of the Year’ award, and ‘Intelligent Banking and Finance Implementation’ award. Additionally, Wio’s leadership excellence was acknowledged with inclusion in the Top 34 GCC Banking CEO Power List 2024 by Finance Middle East.
For more information, visit www.wio.io.