FLOOSS taps Tarabut’s Income Verification to cut down loan approval times
“Together, we are promoting financial inclusion and developing Bahrain’s financial infrastructure, in line with the country’s plans for a robust financial ecosystem.”
In a strategic partnership aimed at transforming the digital lending landscape in Bahrain, Tarabut, the Middle East and North Africa’s (MENA) leading open banking platform, has joined forces with FLOOSS, Bahrain’s pioneer digital lending service. This collaboration is being heralded as Bahrain’s first open banking-enabled digital lending initiative.
The partnership focuses on leveraging Tarabut’s Income Verification product, a tool that will drastically cut down loan approval times from weeks to mere minutes.
The product will allow FLOOSS to offer fully digital, secure, and quick lending services for loans up to BHD 750, catering to the rising demand for personal loans in Bahrain, which grew by 11.9% in 2022 to BHD 5.7 billion.
A broader trend toward personalized finance
Nour, a FLOOSS loan applicant, lauded the platform saying, “I’m so proud that we have such an app in Bahrain. It is an advanced and innovative tool for all young Bahrainis. My experience with the app was one of ease, and it is very convenient as anyone who matches the eligibility criteria can apply for a loan.”
“We are proud to announce our latest partnership with FLOOSS; one of Bahrain’s leading lending platforms. Together, we are promoting financial inclusion and developing Bahrain’s financial infrastructure, in line with the country’s plans for a robust financial ecosystem,” said Abdulla Almoayed, Founder and CEO of Tarabut.
On the other hand, Fawaz Ghazal, CEO of FLOOSS, emphasized the need for the transformation of the customer lending journey. “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,” he noted.
This initiative is part of a broader trend toward personalized finance and aims to improve the financial well-being of consumers in Bahrain. It taps into the exponential growth of the open banking sector and the rise of fintech solutions across the MENA region. With this partnership, Tarabut aims to expand its footprint across the region and engage with more banks, enterprises, and lenders, focusing on enhancing customer experiences and maximizing revenue while reducing operational costs.