Tarabut, MENA’s leading open banking platform, has announced a new partnership with FLOOSS, a Bahrain-based digital lending platform.
FLOOSS is Bahrain’s first and fastest digital loan app offering consumer loans of up to 750 BHD with repayment terms of up to 12 months.
This partnership pioneers Bahrain’s first open banking-enabled digital lending service. This partnership streamlines FLOOSS’s digital lending experience and dramatically reduces loan approval times to just minutes using Tarabut’s income verification products.
The loan approval process has been reduced to just a few minutes, a huge change from the previous two-week process. By leveraging open banking APIs, the newly launched product enables instant approval of loans, eliminating traditional multi-day approval processes. FLOOSS approached Tarabut with the goal of providing a seamless lending process for its customers. It provides easy access, saves both money and time, increases security, and digitizes the traditional manual lending process.
Tarabut transformed the customer journey by providing direct access to customer payroll information, eliminating the need to manually submit payroll verification during the application process.
Abdullah Almoayed, Founder and CEO of Tarabut, said:
“We are proud to announce our latest partnership with FLOOSS, one of Bahrain’s leading lending platforms. In line with the country’s plans for a strong financial ecosystem, we are committed to advancing financial inclusion and We look forward to developing Bahrain’s financial infrastructure. Everyone should have access to affordable and efficient financing facilities, and this partnership is an important step towards that goal.”
Fawaz Ghazal, CEO of FLOOSS, said:
“We need to reimagine the customer lending experience and journey. Customers expect more from their financial services providers. We were able to implement a customer-first solution that reduces loan processing time to minutes, more seamlessly than ever before. We are proud of our innovative efforts and are looking forward to partnering with you in the Kingdom of Saudi Arabia in the near future. We look forward to a certain Tarabut and further announcements.”
Noor, a FLOOSS loan applicant, said while sharing her experience:
“This application is perfect. I am very proud to have such an app in Bahrain. This is an advanced and innovative tool for all young Bahrainis. My experience with this app is It’s very simple and very convenient for everyone.If you match the eligibility criteria, you can apply for the loan.Throughout the entire experience I knew that I was licensed by the Central Bank of Bahrain (CBB) It made me feel at ease. Overall my experience was great, not to mention the quick response and customer service. The whole process was very fast, in addition to the thanks from the FLOOSS team. I was able to receive the loan amount the next day after submitting the application.
In Bahrain, the demand for personal loans is steadily increasing and will increase significantly by 11.9% in 2022, reaching a total of BD5.7 billion, or 38.2% of GDP. Access to credit is critical for consumers to support their financial goals, emergencies, and investments, and plays a critical role in their financial well-being. Tarabut’s income verification product enables FLOOSS to provide seamless and fast loan approvals, making it easy for consumers to access the funds they need, when they need it.
Transforming the lending sector has become a key priority as Tarabut works with more banks, corporates and financiers in the MENA region. Powered by open banking technology, these partnerships are designed to help financial institutions maximize revenue, enrich the customer experience, and reduce operational costs.