Regional-first via new launch of Income Verification productenables instant loans for FLOOSS consumers
First and fastest digital loan service in Bahrain
Manama, Bahrain – 9 October 2023: Tarabut, MENA’s leading open banking platform, has announced a new partnership with FLOOSS, Bahrain-based digital lending platform. FLOOSS is the first and fastest digital loan app in Bahrain offering consumer loans of up to BHD 750 with a repayment period of up to 12 months.
This partnership pioneers Bahrain’s first open banking-enabled digital lending service. The collaboration streamlines FLOOSS’s digital lending experience and significantly reduces loan approval times to a mere few minutes using Tarabut’s Income Verification product.
The loan approval process has been reduced to just minutes, a drastic change from the prior two-week process. By leveraging open banking APIs, the newly launched product enables instant loan approvals, eliminating the previous, conventional, days-long approval process. FLOOSS approached Tarabut with the goal of providing its customers with a seamless lending journey: offering easier access, saving both money and time, enhancing security, and digitising a traditional manual journey.
Tarabut transformed the customer journey via direct access to customers’ salary information, eliminating the need for manual salary certificate submissions during the application process.
Abdulla Almoayed, Founder and Chief Executive Officer of Tarabut, said:
“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. Everyone should have access to affordable and efficient lending facilities, and this partnership is a crucial step towards that goal.”
Fawaz Ghazal, Chief Executive Officer of FLOOSS, said:
“The customer lending experience and journey must bereimagined; 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. We are proud of the innovative work and look forward to more announcements with our partner, Tarabut, in the Kingdom of Saudi Arabia soon.”
Sharing her experience, Nour, an applicant of FLOOSS’s loans said:
“The application is perfect; 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. Knowing that it is licensed by the Central Bank of Bahrain (CBB) made me feel safe and secure throughout the experience. Overall, my experience was great, not to mention the fast response and customer service from the FLOOSS team in addition to how quick the whole process was; I received my loan amount the day after submitting my application.”
In Bahrain, the demand for personal loans has been steadily growing, with a significant increase of 11.9% in 2022, totalling BD 5.7 billion or 38.2% of GDP. Access to credit is crucial for consumers as it supports their financial goals, emergencies, and investments – playing an important role in their financial well-being. Tarabut’s Income Verification product powers FLOOSS to offer seamless and swift loan approvals, providing consumers with easy access to the funds they need, when they need it.
As Tarabut collaborates with more banks, enterprises, and lenders in the MENA region, transforming the lending sectors is a key priority. Leveraging open banking technology, these partnerships are designed to help institutions maximise their revenue, enrich customer experiences, and reduce operational costs.
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Notes to Editors
Tarabut is the MENA region’s first and largest regulated open banking platform, connecting a regional network of banks and fintechs through a universal API. By offering tools that facilitate and distribute personalised financial services, Tarabut enables financial institutions to build a new world of financial services in the MENA region.
With offices in Bahrain, Saudi Arabia, and the UAE, Tarabut launched its API infrastructure in December 2019 and has already become a dedicated technology partner for leading banks in Bahrain. In October 2020, Tarabut expanded its presence in the MENA region, opening offices in Abu Dhabi and Dubai. In April 2022, Tarabut became the first open banking platform to secure AIS (account information services) and PIS (payment initiation services) Category 4 licenses from the Dubai Financial Services Authority (DFSA). In 2022, the Saudi Central Bank (SAMA) included Tarabut as one of the first participants in its Regulatory Sandbox.
In May 2023, Tarabut successfully completed a $32 million Series A fundraise, led by Pinnacle Capital and supported by Visa, Tiger Global, and Aljazira Capital.
For more information, please visit: www.tarabut.com
FLOOSS is the first loan app in Bahrain, licensed by the Central Bank of Bahrain. Flooss provides digital loans without the hassle of paperwork & long processes. Loan applications can be done anytime & anywhere.
FLOOSS was established because traditional ways of getting loans have been too hard & inconvenient. With FLOOSS, you will always have clarity & know exactly where you stand financially.
Apply for a loan today on Android and iOS.
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