Watermelon Ecosystem, a prominent innovator in food and beverage technology, has teamed up with Biz2X, a renowned global fintech based in New York City which processes billions in business financing annually. Biz2X is Biz2Credit’s lending platform, which has facilitated over $10 billion in funding to SMEs across countries like the US, India, and Australia. Biz2X has begun offering specialised SME financing options through Watermelon's distribution channels in the MENA region.
Biz2X is the SME lending platform that Fortune 500 companies have partnered with since 2007, and which top US banks are using to issue digital loans to their SME clients, including loans backed by the US government’s Small Business Administration (SBA).
Watermelon is now bringing that same powerful technology solution to its F&B clients in the Middle East and North Africa (MENA) region, which is available today. The Watermelon-Biz2X partnership is set to transform the financial options for F&B companies across the MENA region, enhancing food security, promoting sustainable growth, and strengthening the economic ecosystem through advanced financing solutions.
Biz2X’s leading small business financing platform will match financing options with Watermelon's digital ecosystem of restaurateurs and other F&B entrepreneurs. Financing products included in the launch will include unsecured working capital financing, invoice financing and factoring options.
Key financial service providers who are already integrated with the Biz2X platform. Moreover, this collaboration aims to streamline the funding process, making it more accessible and efficient for SMEs in the food and beverage sector to secure the necessary capital for growth and operations.
"This partnership with Biz2X represents a pivotal step in our commitment to empowering the F&B sector with the financial tools needed to foster sustainable growth and enhance food security," says Omar AlShamsi, CEO of Watermelon Ecosystem. "Biz2X's proven technology will enable us to offer a financing framework tailored to the needs of the Middle East’s food supply chain, including support for regulators, governments, and merchants, ensuring a more resilient and dynamic local economy."
What The Biz2X Integration offers to Watermelon Ecosystem clients:
1. Online merchant application: Merchants can apply for financing through the integrated platform.
2. Zero-effort prequalification: Biz2X analyzes Watermelon’s transaction and settlement data to automatically prequalify merchants, reducing paperwork and streamlining the process.
3. Financing options: Prequalified merchants are presented with multiple offers from a range of lenders, including banks and alternative finance providers.
4. Seamless onboarding: Merchants choose their preferred loan option and go through a fast, easy loan onboarding process within the Watermelon platform.
5. Funding: Approved merchants receive funds fast, often in just 24-48 hours depending on the lender, so they can quickly invest in inventory, operations, or growth.
6. Convenient repayment methods: Merchants repay loans through flexible options like settlement advances, credit card splits, or receivables-based payments, all online.
7. Ongoing support: Throughout the loan lifecycle, Watermelon leverages Biz2X's advanced technology to ensure real-time oversight and seamless financing operations, continuously supporting SMEs in accessing and managing their funding effectively.
Advantages for lenders to onboard to Biz2X platform with Watermelon:
Lenders onboarded through Watermelon Ecosystem can now offer financing seamlessly through the new partnership. Using Biz2X’s award-winning digital underwriting platform, banks and fintech companies can establish customised credit parameters and guidelines that fit their requirements. With access to comprehensive financial transaction data through Biz2X, lenders can quickly and accurately assess creditworthiness, enabling them to offer financing efficiently. This integration streamlines the entire lending process, reducing the need for manual intervention and making it easier for merchants to secure the funding they need.
“Embedded finance for SMEs is the future. Through our Biz2X platform, we provide timely access to capital with less friction so that businesses can purchase the inventory they need with confidence,” says Rohit Arora, CEO of Biz2X. “Business owners no longer have to wait until they have cash on hand to purchase things they need to operate and grow.”
“Vertical software companies like Watermelon know the value of delivering a complete client experience that includes access to financing to fuel their clients’ success. Watermelon is a partner with an excellent business in the food and beverage space and we are proud to empower their merchants with financing that fuels growth,” Arora adds.
