LNDDO Digital Lending Limited, the first fintech granted with a Category II Banking License by the FSRA in the ADGM — Abu Dhabi Global Market — recently officially announced its partnership with Mambu, the SaaS cloud banking platform.
LNDDO and Mambu have been working behind the scenes for the past year in order to develop a scalable digital lending solution for SMEs in the UAE and beyond. LNDDO provides short-term working capital finance to small and medium enterprises in the United Arab Emirates and, thanks to Mambu’s speedy deployment, these offerings will be enhanced with new features in the coming months.
LNDDO was founded to cater to SMEs through a fully digital onboarding experience, a new way of lending in the UAE. LNDDO’s key differentiator is a five-minute, 100 per cent digital onboarding process and a ten-minute credit decisioning, the fastest in the region. To ensure swift processes and customer engagement, the fintech needed a cloud-native banking platform.
Announcing the go live, Ghazaly further added: “We are a fully cloud company that was established in the midst of the pandemic. Cloud has been instrumental to our success and allowed us to design and develop a digital lender remotely. We wanted to build a solution offering underserved SMEs in the Middle East quick and easy access to financing. We chose Mambu because it is highly renowned in its space and there are numerous examples of fintechs and other financial institutions successfully working with their SaaS platform. We believe that Mambu is a perfect partner to help us realise our ambitions.”
LNDDO examined the wider core banking market to find the most flexible, scalable and secure solution. In particular, the lender prioritised a configurable SaaS platform designed for easy implementation and fast deployment. LNDDO partnered with Mambu and following a quick six-week implementation, successfully built its first credit product — a merchant cash advance product. LNDDO also became the first fintech to integrate with the UAE Pass and other government entities to verify commercial data in order to optimise the customer journey, enhancements which it will be launching within the next few months.
Miljan Stamenkovic, General Manager of Mambu in the Middle East and North Africa, added: “LNDDO is a pioneer of digital lending in the region. The team built an elegant solution that will simplify daily financial management for small and medium-sized enterprises. Automating stressful and time-consuming processes will lift the burden for many SMEs that represent over 94 per cent of all businesses in the UAE. This will be a true gamechanger for UAE’s economic landscape and we cannot wait to see the impact LNDDO’s service and technology will have on the market.”
LNDDO’s customers have access to flexible, short-term loans that can be used to purchase inventory, service new orders or optimise cash cycles. The whole process is time efficient, allowing SMEs to apply in minutes, select their desired repayment terms, and receive funds within one week. Following a successful launch, LNDDO plans to further leverage Mambu to extend its product portfolio and expand geographically in the region.