Fundbot, Mastercard to Hasten B2B Payments Flow in UAE

Fundbot, a UAE-based fintech firm specialised in supply chain financing, has announced a collaboration with Mastercard to accelerate business-to-business (B2B) payment flows across all industries. The two companies will launch a streamlined payments platform that seamlessly links buyers and suppliers.

Rolled out initially in the UAE and Saudi Arabia, the innovative tech-driven solution will boost the user experience by including added-value capabilities, such as Fundbot’s dynamic discount product that incentivizes quicker B2B payments, fast-tracking the conversion of receivables to cash for suppliers and reducing Days Sales Outstanding (DSO).

The initial roll out of the solution will focus on early claim settlements in the healthcare sector, tackling these significant payment delays.

Amnah Ajmal, EVP, Market Development, EEMEA, Mastercard, said that they were seeking to empower businesses of all sizes to enable them to benefit from the digital economy and driving a paradigm shift in the B2B payments landscape, putting an end to the operational and financial challenges caused by inefficient processes and multiple payment systems.

Ajmal said that they provide digital payment solutions that allow companies to pay and get paid quickly and securely, expand their reach and deliver a seamless experience for their customers. We are delighted to join forces with Fundbot to co-create this game-changing platform that will streamline B2B transactions and increase the use of virtual cards.

“Fundbot’s dynamic discount product is fully integrated with leading enterprise resource planning (ERP) systems, ensuring compatibility and accessibility, which makes it easier for businesses of all sizes to adopt and use. It features an AI-powered tool that uses advanced algorithms to recommend the optimal discount rate for each transaction based on country, vertical and industry trends to help buyers achieve high acceptance rates,” Ajmal added.

In addition, it allows buyers to maximise savings by utilising early payment discounts before invoice due date. This investment in the supply chain strengthens the relationship between buyers and suppliers by significantly accelerating payments and helping address cash flow issues, which represent a key pain point for SMEs in the MENA region.

Revolutionising B2B Payments

Karl Abouzeid, Founder & CEO, Fundbot, said that his firm is on a mission to revolutionise B2B payments, which forms a key part of any economy.

“Through our dynamic discount product, we provide companies with access to funds when they need them most, enabling them to manage their finances more effectively and grow their businesses. We are excited to work together with Mastercard to fuel the growth of digitized payments in this segment,” he said.

The platform will also leverage Mastercard’s “In Control for Commercial Payments” (ICCP) solution to issue virtual cards for suppliers in partnership with selected banks in the region.

Buyers will be on-boarded onto the platform and can initiate digital campaigns for their suppliers. Automated on-boarding will allow for the cost-effective inclusion of small suppliers. Customer support will be provided in Arabic, English and French to engage businesses in regional markets.