MENA-based Open Banking platform Tarabut has partnered with Bahrain-based digital lending platform FLOOSS, as demand for personal loans in Bahrain increases.
Digital loan app FLOOSS offers consumer loans of up to BHD 750, with a repayment period over a maximum of 12 months.
Through the partnership, FLOOSS uses Tarabut’s ‘Income Verification’ product to streamline the loan approval process, which has been reduced from two weeks, down to “just minutes”.
Tarabut enables direct access to customers’ salary information, thereby removing the need for manual salary certificate submissions during the application process.
In Bahrain, demand for personal loans rose 11.9% in 2022, totalling BD 5.7 billion, or 38.2% of GDP.
Abdulla Almoayed, founder and chief executive officer of Tarabut, said: “Together, we are promoting financial inclusion and developing Bahrain’s financial infrastructure, in line with the country’s plans for a robust financial ecosystem.”
“Everyone should have access to affordable and efficient lending facilities, and this partnership is a crucial step towards that goal,” he added.
Fawaz Ghazal, chief executive officer of FLOOSS, said: “The customer lending experience and journey must be reimagined; customers expect more from their financial service providers.
“Working with the team at Tarabut, FLOOSS has been able to implement a customer-first solution that improves lending processing times to a few minutes and more seamlessly than any other lenders, anytime and anywhere.”
Ghazal added that further announcements from FLOOSS and Tarabut can be expected in the Kingdom of Saudi Arabia soon.
In July, Tarabut appointed Tariq Sanad as chief financial officer, furthering strengthening its leadership team. In his role, Sanad is focused on further institutionalising Tarabut, following its recent $32 million Series A fundraise, and supporting its expansion in the Kingdom of Saudi Arabia.