LNDDO Digital Lending Limited, the first fintech in the ADGM (Abu Dhabi Global Market) to be awarded a Category II Banking License by the FSRA, has announced its cooperation with Mambu, a SaaS cloud banking platform. For the past year, LNDDO and Mambu have been quietly working behind the scenes to establish a scalable digital lending solution for SMEs in the UAE and beyond. LNDDO provides short-term working capital lending to small and medium-sized businesses in the United Arab Emirates, and these products will be upgraded with new capabilities in the coming months owing to Mambu’s quick implementation.
Announcing the go live, Ashraf Ghazaly, CEO of LNDDO, said: “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.”
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 game changer for UAE’s economic landscape and we cannot wait to see the impact LNDDO’s service and technology will have on the market.”
LNDDO was established to provide SMEs with a totally digital onboarding experience, which is a novel approach to lending in the UAE. LNDDO’s major distinction is a five-minute, all-digital onboarding process and a ten-minute credit decisioning process, both of which are among the fastest in the region. Fintech companies use technology to ensure quick processes and consumer interaction, the fintech needed a cloud-native banking platform.
LNDDO looked into the core banking market as a whole to identify the most adaptable, scalable, and safe solution. The lender placed a high priority on a flexible SaaS platform that was simple to set up and deploy. LNDDO teamed with Mambu and successfully launched its first credit product, a Merchant Cash Advance, after a six-week implementation. LNDDO was also the first fintech to integrate with the UAE Pass and other government agencies to authenticate commercial data in order to improve the client journey, with improvements coming in the next months.
Customers of LNDDO have access to flexible, short-term loans that can be utilised to buy inventory, fulfil new orders, or shorten cash cycles. Small businesses can apply in minutes, choose their payback terms, and receive funding within one week. Following a successful launch, LNDDO intends to use Mambu to grow its product line and geographically in the region.
